Audit Committee

Purpose

To assist the Board in oversight of the Association’s resources.

Principal Duties

·         • Review the adequacy of the Association’s internal control structure.
• Review the scope and approach of the audit proposed by the independent auditor.
• Conduct a post-audit review of the financial statements and audit findings, including any significant suggestions for improvements provided to management by the independent auditor.
• Review the performance and fee arrangements of the independent auditor and recommend appointment (or reappointment) of the independent auditor.
• Review the findings of any examinations by regulatory agencies.
• Review the policies and procedures in effect for the review of executive compensation and benefits.

Membership

·         Number of appointed members: 3

·         Length of term: 3 years

·         Chair/Vice Chair: appointed annually by the AMSA President

·         Vacancies: appointed by the AMSA Executive Committee