Auditing Committee Chair

Summary

Responsible for representing and leading the Auditing committee in assisting the International Board of Directors in fulfilling its oversight responsibilities with respect to the financial reporting process, the system of internal controls, and the audit/review process.

Time Commitment

One year from Nov 1st – Oct 31st
The Auditing Committee shall meet at least once annually.
If a change in the auditors is considered, the committee will be required to meet to review qualifications of the auditors and approve the change.

Qualifications/ Expectations

Be an Active, Public Agency or Life Member of the Association.
Have at least three years’ experience in some leadership capacity, demonstrating strong organizational and communication skills.
Be proficient with electronic communications and the use of web based media.
Possess the ability to meet deadlines, and recognize the importance of being responsive to the needs of the Association.
Be able to dedicate the time required to meet the responsibilities of this position.
Notify the President of their acceptance or refusal of the appointment within thirty (30) days of appointment.
If satisfactory progress and/or results are not being made by a committee, the President is empowered to remove the Chair of the Committee and appoint another Chair, with the approval of a majority of the Board.
Each Committee Chair shall conduct themselves and the work of their Committee in such a manner as to bring respect, prestige and status to the Association.
Abide by IMSA Code of Conduct.
Shall not leverage their position for personal financial or political gain.

Primary Responsibilities

Select and provide a list of committee members to the Volunteer Services/Section Relations Coordinator.
Create agendas for meetings or conference calls, and conduct any business or meetings of the Committee. Meeting notes and action items shall be recorded for subsequent meetings and future reports.
Ensure the review or audit is completed within three months of the end of each fiscal year. Review with Management and the independent auditors the annual financial statement, the annual audit/review report, and the result of the audit to determine whether to accept the audit/review. The report from the Committee will be sent to all members of the Board immediately after completion of the review or audit.
Review significant findings and recommendations made by the independent auditors with Management and the Board of Directors on a timely basis.
Review the outside auditors’ qualifications, independence, and performance.
In conjunction with the Executive Director, consider the effectiveness of the Association’s internal control system, including information technology security and control, to ensure the most efficient operation of the Association and compliance with generally accepted accounting procedures for non-profit organizations.
Responsible for submitting a written report to the IMSA Board of Directors one week prior to the mid-winter meeting. If the Auditing Committee meets additionally during the year the committee is required to submit a written report two weeks after their committee meeting.
Virtual participation is required for the mid-winter Board Meeting in which the financial statements are presented to the Board on an as needed basis.
Submit to the President any recommendations, or other items, that require action by the board. This should be done at least 30 days prior to the next Board meeting.
Review Investment and Reserve Policies and targets every two years or sooner as needed.
Review requests from the Executive Director for draws upon the Investment Reserves along with plans for replenishment and monitor progress to restore the fund to target minimum if required.