AUDIT COMMITTEE CHARGE

The Audit Committee shall be responsible for oversight of the audit and selection of the auditor.    The Audit Committee will meet with the auditor before and after each annual audit.  The Audit Committee shall recommend approval or modification of the audit as may be appropriate to the full board.

The Audit Committee shall be responsible for dealing with allegations of irregularities or fraud aimed at upper management and review of ethic matters as needed.     

Ordinarily the Committee Chair should permit non-committee members who ask to do so to participate in committee meetings, but the Committee Chair retains the prerogative to close the committee meeting if necessary.

Committee action items are to be submitted quarterly at each NAFCU Board of Directors meeting.

Position Description for Audit Committee Candidates:

• The Board of Directors appoints the Audit Committee. 
• The Audit Committee shall be comprised of 3 to 5 non-staff members. 
• Members shall be financial literate with consideration given to those able to understand and analyze financial statements of the organization.
  
  

Updated 9/18/08