Audit Committee Charter Approved Dec 2008

Audit Committee Charter Organization The Audit Committee (“Committee”) is a committee of the Board of Directors (“Board”) of Farm Credit Services of America, ACA/FLCA/PCA (“Association”) and has responsibility delegated from the full Board. This charter governs the operations of the Committee. Purpose The Committee shall provide assistance to the Board in fulfilling its fiduciary and oversight responsibilities to the shareholders, potential shareholders, and others in the following areas. ≠ Integrity of the Association’s financial statements ≠ Financial reporting process ≠ Systems of internal accounting and financial controls ≠ Performance of the Association’s internal audit function and external auditors ≠ External auditor’s qualifications and independence ≠ Association’s compliance with ethics policies and legal and regulatory requirements Authority The Committee has authority to conduct or authorize investigations into any matters within its scope of responsibility. It is empowered to: ≠ Appoint, compensate, retain, and oversee the work of the external auditor, who shall report directly to the Committee, (including resolution of disagreements between Association leadership and the external auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services at the Association. ≠ Pre-approve all internal auditing and allowable non-audit services to be ...