CHARTER

NCSAF Audit Committee
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Purpose

The NCSAF Audit Committee is responsible for auditing the financial records the NCSAF.

Organization

“Standing committees, of at least three members of the Society in good standing, of the NCSAF shall include, but not be limited to, the Executive, Nominating, Tellers, and Auditing. The Chair of the NCSAF, with the approval of the Executive Committee, shall appoint a chair and members of standing committees. The Chair and members of each committee shall serve a one-year term, beginning January 1.” [NCSAF Bylaws, Article 8, Standing Committees]

Qualifications. It is desirable that at least one committee member be familiar with generally accepted auditing standards.

Responsibilities

“The Tellers Committee shall operate in accordance with its committee charter. This committee, at the conclusion of the fiscal year, shall inspect the financial records of the Treasurer. The committee shall certify the accuracy of the financial statements prepared by the treasurer and shall report the results of the audit to the Chair and the membership.” [NCSAF Bylaws, Article 8, Section D, Auditing Committee]

Fiscal Year. The fiscal year for the NCSAF shall be from January 1 to December 31.

Timing. The audit will normally take place in January, upon completion of the fiscal year.

Approach. Audits will be planned and performed to obtain reasonable assurance that financial statements are free of material misstatement. An audit will include examining evidence supporting the amounts and disclosures in the financial statements.

Records Needed for Audit. The Treasurer will make available to the Audit Committee a documented record of the NCSAF financial transactions on a monthly basis for the past fiscal year. This will normally consist of a computer printout of month to month cash flows, along with the supporting documentation.

Special Audits. The Executive Committee may request additional audits during the fiscal year.

Adopted by the NCSAF Executive Committee on January 11, 2003.