Audit and Risk Committee

Purpose

The Audit and Risk Committee assists the Board of Trustees in fulfilling its oversight responsibilities for:

• the financial reporting process and system of internal control
• the external auditors’ qualifications, independence, and performance
• the adequacy and effectiveness of the process for monitoring compliance with laws, regulations, and the code of ethics
• the adequacy and effectiveness of risk management practices

Skills Needed

• Financial literacy
• Experience in one or more of the following areas (helpful): audit committee experience; finance; enterprise risk management; technology/IT; investment/endowment management; publishing; health plans; strategic planning; diversity, equity and inclusion; human resources; law; not-for-profit industry knowledge; leadership roles; marketing/public relations; accounting; auditing

Length of Term

2 years (with a max. of 4 consecutive terms)

Meetings

• 3 meetings per year
• 4 hours each

Additional Important Info

• Pre-read materials for most meetings include audit firm communications, draft financial statements, and information from management about various risk management areas.
• It is expected that committee members will have reviewed the materials in advance and be prepared to discuss them at the meeting.
• At least one member of the audit committee is to be a "financial expert," which involves:
• An understanding of generally accepted accounting principles and financial statements
• The ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves
• Experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the Association's
• An understanding of internal controls and procedures for financial reporting
• An understanding of audit committee functions

Notes

This position is strictly VOLUNTEER and NOT a paid position.