|American Heraldry Society||SUBJECT||Audit Committee|
|Governors' Policy Manual||VERSION||Initial||EFFECTIVE 29-July-07|
4.2. Audit Committee
220.127.116.11 The Audit Committee (“committee”) coordinates the Board’s financial oversight responsibilities to ensure responsible budgeting and to prevent the misuse or unlawful use of association funds by ensuring a regular examination of the Society’s accounts.
18.104.22.168 The committee consists of one Governor and two Society members who are not members of the Board. The committee is appointed by the Board.
22.214.171.124 A member of the Audit Committee may not serve simultaneously as a member of the Finance Committee. The committee chair may not be a member of the Board.
126.96.36.199 The Board may appoint advisory members with financial expertise demonstrated by professional certification, education and/or prior business experience interpreting and analyzing financial statements.
4.2.3 Duties. The committee shall:
188.8.131.52 Independently verify all financial reports prepared by the Treasurer before the reports are submitted to the Board and/or the Society membership.
184.108.40.206 Be directly responsible for the annual auditing of the Society’s finances.
220.127.116.11 Report only to the entire Board and not to any individual officer.
18.104.22.168 Immediately report any unusual or suspicious financial activity to the Board.
4.2.3 Right of Access to Records.
22.214.171.124 The committee chair has an independent right of access to the statements of all accounts containing Society financial assets.
126.96.36.199 The Treasurer shall ensure the cooperation of all financial institutions holding Society accounts in granting the committee chair complete, full, and unrestricted access to the statements of accounts.
188.8.131.52 The right of access granted by this policy does not include the right to authorize transactions. Unless specifically authorized by Board resolution, the committee chair shall not authorize any financial transaction, including the transfer of any balances, or alter Society accounts in any manner. The committee chair may not be listed as an authorized signer on any Society account.
184.108.40.206 If the Treasurer cannot ensure the committee chair’s online or other access as required by this section, the Treasurer shall ensure that the committee chair receives separate monthly statements of all accounts sent by U.S. mail.
220.127.116.11 When a committee chair resigns or is replaced for any reason, the Treasurer shall ensure the revocation within 15 business days of that chair’s rights of access, including the revocation of user names and passwords and removal of mailing addresses by the appropriate financial institution.