The Audit Committee shall consist of not less than five (5) members, all of whom must be Elected Directors of the Agency, at least two of whom shall not be current members of the Finance Committee. To the extent feasible, at least two members of the Committee shall have an understanding, by reason of education or experience or both, of financial statements and accounting principles. This Committee shall cause the annual audit of the Agency to be performed. It shall review the Agency’s accounting and financial reporting policies and adequacy of its internal control systems and shall oversee the accuracy and integrity of its audited financial statements and related reports.
The Committee's responsibilities shall include, but not be limited to:
- Make recommendations to the Board of Directors regarding the selection and hiring of an independent audit firm;
- Meet with representatives of the audit firm to review and discuss audit planning matters.
- Meet with representatives of the audit firm to receive, review and discuss the audited financial statements and reports and make recommendations to the full board for acceptance of the reports.
- Review annual draft annual federal and state tax returns and make recommendations to the full board for acceptance and approval of the returns prior to filing.