Overall Roles and Responsibilities
The Audit and Corporate Compliance Committee recommends policies and processes to the board related to:
- The organization’s financial statements and other financial information provided to governmental bodies, financial institutions, rating agencies, and the public.
- The organization’s systems of internal controls for finance, accounting, legal compliance and ethics, according to policies that management and the Board have established.
- The organization’s auditing, accounting, financial reporting, and compliance processes.
Consistent with this function, the Audit and Corporate Compliance Committee should encourage continuous improvement of, and promote adherence to, the organization’s policies, procedures, and practices for corporate accountability, transparency, and integrity.
Throughout its work, the Audit and Corporate Compliance Committee will serve as an independent and objective party to monitor the organization’s financial reporting process, internal control systems and corporate ethics. The committee will provide an open avenue of communication among the independent auditor, financial and senior management, the internal audit department, and the governing body.