audit-committee-charter-approved-02-03-10

Audit Committee Charter Purpose The audit committee of the board of directors shall be responsible for selecting the external auditors, oversight of internal controls developed and maintained by management, and for review of the audit of the community foundation’s books and accounts. The committee shall be authorized to retain independent counsel or other advisors, as necessary, in the performance of its duties. The committee shall have the appropriate resources at its disposal in order to carry out its responsibilities. The committee shall report findings to the board of directors. The board of directors shall have responsibility for approval of the financial statements and will act upon the findings and recommendation of the committee. The committee shall carry out, or cause to be carried out, such other reviews and studies as necessary to protect the fiscal integrity of the community foundation, and undertake such other related activities as may be directed by the board of directors. The committee shall be given full access to the organization’s internal accounting staff, board of directors, managers and other staff and independent auditors as necessary to carry out its duties. Responsibilities • Appoint independent audit firm to perform an annual examination of the community foundation’s books and accounts and render an opinion as to the fairness of the presentation of the community foundation’s financial statements. The ...