AUDIT COMMITTEE CHARGE
The BPAA Audit Committee is assembled to assist the BPAA Board of Directors in overseeing the activities related to the annual financial audit of the association. The duties of the committee are numerous; however, the most prominent of those duties are:
- Recommendation of an outside audit firm for the Board's approval;
- Authorize the audit firm to conduct the annual examination of BPAA and other affiliated entities' financial statements and financial practices;
- Monitor the performance of the audit firm;
- Receive and inspect the audit report and any other reports relating to the audit or the assets and collection management practices of BPAA and other affiliated entities from the independent auditor;
- Report the findings and recommendations of the audit reports to the Board of Directors;
- Maintain financial accounting oversight of interim financial statements of BPAA and other affiliated entities. If deemed necessary by the Committee in order to fulfill the obligations of this charge, this Committee has the right, but not the responsibility, to request and receive specific financial information. The Committee also has the right, but not the responsibility, to request information that will give them a basic understanding of the accounting and internal control systems. Subject to the Board's approval, the Committee may also request outside independent assistance if the Committee deems it necessary.
Board Appointed Committee per Bylaws Section 11.01 – BOARD COMMITTEES. The Board of Directors will have the following Standing Committees: (a) Audit, (b) Awards, (c) Budget and Finance, (d) Governance, (e) Executive Evaluation, and (f) Nominating. The President will appoint committee chairpersons and committee members to serve congruent with President’s term subject to approval of the Board of Directors. The President may also establish additional Standing Committees with Board approval.