Organization

Committee Objective: Assist the Board in fulfilling its fiduciary responsibilities by reviewing the systems of internal controls the Board of Directors have established and the audit process. Audit the accounting records of WACUBO annually and report its findings and recommendations to the Board of Directors.

Roles and Responsibilities:

  • Ensure that the Audit Committee has the requisite skills and experience to carry out the auditing function for the association
  • Exercise oversight, as appropriate, in any matters relating to the audit
  • Reviewing the annual audit
  • Recommend the annual audit to the Board for discussion and acceptance
  • Ensure compliance with federal, state, and other requirements related to the organization's finances; review WACUBO's annual tax return(s)
  • Conduct an annual risk portfolio assessment of the organization
  • Assist the board in fulfilling its oversight responsibilities with respect to:
    • the audit of the organization's books and records
    • the system of internal controls
    • Coordinate the audit schedule with the Treasurer and committee members
    • Determine the scope and extent of the annual audit
    • Coordinate the selection, and review qualifications of outside auditor (if audit is completed by an external audit firm)
    • Selected an audit team to conduct the annual audit (if audit is internal). No board members can be a member of the audit team
    • Review with the auditor the organization's accounting and financial reporting controls and receive the auditor's opinion regarding the adequacy of such controls
    • Review with the outside auditor significant accounting and reporting principles, practices and procedures used by the organization
    • Discuss with auditor their judgment about the quality and acceptability of the organization's accounting practices
    • Forward the audited financial statements and audit report to the President and the Chair of the Finance Committee by established dates
    • Forward the audited financial statements and audit report to the Board of Directors for review at the first meeting following the distribution of the report
    • The Audit Chair, in conjunction with the Vice Chair (for continuity reasons) and President, ensures that all audit findings and recommendations are implemented and/or resolved in a timely manner.
    • Direct the audit report and financial statements to be posted to the website for access by the membership
    • Ensure that all audit findings and recommendations are implemented and/or resolved in a timely manner
    • Meet with the auditor and treasurer and/or finance committee to discuss any material recommendations that the auditor may have discovered
    • The Audit Report and Financial Statements are presented to the general membership at the Annual Meeting and published in the first newsletter following the Annual Meeting

Members:

  • Mike Allred, Chair
  • Barbara Valiente, Vice Chair
  • Joel Colvin
  • Robert Moore