The Audit Committee has responsibility for providing reports directly to the Board of Trustees. The Audit Committee assists the Board in fulfilling its fiduciary responsibility. It fulfills its functions and responsibilities for both entities, the APA and APAF. Its principle responsibilities are the following:To see that appropriate internal controls and accounting policies and procedures are established and followed:

• To see that the APA’s financial statements and other financial reports, such as those required under OMB Circular A- 133 are issued on time and in accordance with its internal and external reporting requirements;
• To see that the APA’s tax filings are made on time and in accordance with legal and regulatory requirements; and
• To see that the Association’s insurance coverage provides appropriate mitigation of financial risk by reviewing the insurance coverage with management on a regular basis.

Term

Three years.

Expected Time Commitment

The Committee meets virtually twice a year, in February and April. Meetings typically last two to three hours. Members should plan to spend one to two hours reviewing materials in advance.

Desired Expertise

Volunteers should ideally possess expertise related to finance or accounting.

Responsibilities

Provide guidance on financial reporting and related internal controls and understand the business operations of APA and APAF. The Committee appoints the external auditors and ensure the organization is in fiscal and financial compliance.

Additional Criteria

A business background and an understanding of the operations of nonprofit organizations would be beneficial.