The Audit committee serves the Society and the Board of Directors and should be independent of management, and some members should have a familiarity with accounting and auditing matters, and provide (1) oversight of the financial reporting process, (2) monitoring the effectiveness of internal control and (3) the coordination and review of the annual audit by independent auditors.

The Audit committee and the Board should concentrate on critical issues that have a bearing on the operations of the Society, and assure itself that management and the independent auditors have focused on the areas of greatest risk to the Society.

Specific Duties:  The specific duties of the Audit Committee include the following, as well as other duties that me be assigned to the committee by the board.

1. 1.  Recommend to the Board of Directors the engagement of the independent auditors to conduct the annual audit and affairs of the Society.
   
   
2. 2.  Meet with the independent auditor to review the arrangement and scope of the audit, including the interim work and requests for information to be prepared by the society to help facilitate the audit.
   
   
3. 3.  Help to resolve any disagreements between management and the independent auditor concerning matters such as the application of accounting principles, management judgment on important estimates.
   
   4.  Review with the independent auditor and representatives of management any proposals made by the auditor for major changes in accounting policy, report to the board with its recommendation on the proposed changes.
   
   
4. 5.  Review and discuss with the auditors and representatives of management any significant adjustments that could have a significant effect on the Society financial reporting process.
   
   
5. 6.  Review the draft of the Independent auditor report, including financial statements footnotes to the statements the auditor’s opinion on the financial condition of the society and discussing any comments with the auditor.  After a final review of the auditor’s report the Audit committee will present the report to the board for inclusion in the annual report to the society.
   
   
6. 7.  Review with the auditor, representatives of management and the treasurer, comments included in the auditor’s management letter with respect to weaknesses in internal control, and other deficiencies in procedures that warrant corrective action and the consideration given or action taken by management.  Present to the board a report of the state of corrective action take by management to correct the issues raised in the management letter.