Committee shall be responsible for assuring the independence of the Association's independent auditor,
reviewing the Association's accounting policies and the adequacy of internal control
systems, and overseeing the accuracy of the Association's financial statements and reports.
The specific duties and responsibilities of the Audit Committee are set forth in
Appendix B and may be amended,
as appropriate, by the House of Delegates.
Committee shall consist of seven members who are free from any relationship that would
interfere with the exercise of their independent judgment on behalf of the Committee.
They shall be appointed by the President:
(1) Initial appointments shall be
effective February 1, 2008, and terms of appointment shall be staggered,
with four members appointed to serve for two-year terms, and three for
one-year terms. For the initial appointees, the period from February 1,
2008 to May 31, 2008 shall be considered part of the first year of the
term. Thereafter, the members being appointed in any
given year shall serve for two-year terms. All appointments shall be
subject to confirmation by the
Executive Committee and ratification by the House of Delegates. The Executive Committee shall
determine that each appointee is free from any relationship that in its opinion would interfere
with the exercise of his or
her independent judgment as a member of the Audit Committee. Members completing their
terms shall be eligible for reappointment.
(2) The chair of
the Audit Committee shall be designated by the
President subject to
confirmation by the Executive Committee and ratification by
the House of
(3) The Chair
shall have the authority to call an executive session meeting
of the Audit Committee
at which only voting members of the Committee shall be entitled to attend.
(4) A vacancy
arising during any term shall be filled for the
unexpired balance of the term by
appointment made by the President then in office, subject to confirmation by the Executive
Committee and ratification by the House of Delegates.
(5) The Treasurer
shall serve as an ex officio member, but shall not be permitted to vote in the deliberations
of the Committee. Neither the President, the President-Elect, the Secretary, nor the Chair of
the Finance Committee shall be
eligible to serve as members of the Committee in any capacity.
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