Standing Committee on Audit
Standing Charge
The Standing Committee on Audit shall assist the ITA Board with its financial oversight responsibilities of all the Association's activities.
Key Responsibilities
- To review the ITA budget income and expenditure accounts and balances quarterly
- To recommend, for approval by the ITA Board, a Certified Public Accountant to undertake
an annual review of the Association's accounts and fiscal policies and procedures
- To review all grants, major capital expenditure and contracts regarding their fiscal implications
- To oversee the integrity of the Association's financial accounting process and systems of internal
controls regarding finance, accounting, use of assets and to evaluate and recommend fiscal policies and
procedures for approval by the ITA Board
- To oversee the independence and performance of the independent auditors and staff with finance responsibilities
Membership
The Committee shall consist of at least three (3) members with experience in financial management. The Treasurer shall be a voting
member and Chair of the Committee. The Audit Committee has the authority to conduct any investigation appropriate to fulfilling its
responsibilities, and it has direct access to the independent auditors as well as to anyone in the organization. The Audit Committee
has the authority to retain, at the Association's expense, special legal, accounting, or other consultants or experts it deems
necessary in the performance of its duties. All members of the Audit Committee shall be free from any relationship that would
interfere with the exercise of his or her independent judgment.
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