The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities relating to the quality and integrity of the accounting, auditing and reporting practices of the Association and such other duties as directed by the Board.
The Committee’s purpose is to oversee the following:
The accounting and financial reporting process of the Association.
The audits of the Association’s financial statements.
The qualifications of the public accounting firm engaged as the Association’s independent auditor to prepare and issue an audit report on the financial statements of the Association.
The performance of the Association’s internal audit and credit review function and independent auditor.
Determine the adequacy of the Association’s administrative, operating and internal controls and evaluate adherence.
For more information on the Audit Committee, view the Audit Committee Charter.