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2015 - 2016 Audit Committee
- The primary function of the Audit Committee is to assist the American Accounting Association Board of Directors in fulfilling its financial and compliance oversight responsibilities.
- As detailed in the Audit Committee Charter, available at AAA_AuditCharter-rev11-14.pdf, the Audit Committee fulfills its charge by reviewing financial reports and other financial information, and monitoring compliance with the Association's reporting practices, code of ethics, and conflict of interest policy, among other things.
- The Audit Committee is comprised of five members:
- The current Vice President-Finance,
- The Vice-President Finance-elect, or in years when there is no elect, the most recent past Vice President – Finance,
- One Board member with expertise in auditing or internal controls,
- One non-Board member with expertise in auditing or internal controls and
- One member of the Accounting Professional Partners (APP) advisory group with audit experience appointed by the APP, who shall serve as Chair.
- The incoming Vice-President Finance-elect is appointed for a 4-year term (one year as elect, two years as Vice President-Finance, and one year as most recent past Vice President – Finance).
- The APP member and non-Board member serve three year terms.
- The Board member’s term will coincide with their Board term.
- All members should be free of any relationship that, in the judgment of the Board of Directors, would interfere with their exercise of independent judgment.
- The Committee shall meet at least two times annually, which generally includes an Audit Planning conference call in late spring and an in-person meeting in the fall.
- The Committee will meet annually with the AAA Executive Director and the independent auditor in separate executive sessions to discuss matters that the Audit Committee or each of these groups believes should be discussed privately.
- The Chair of the Audit Committee shall report regularly to the Board of Directors following the meetings of the Audit Committee.
- A quorum for a meeting is at least four members in attendance.
- Audit Committee responsibilities involve review, interactions with the independent auditor, consideration of the financial and compliance reporting processes and examination of ethical and legal compliance. To access definitions of these responsibilities AAA_AuditCharter-rev11-14.pdf.
- If the Chair has any questions about the charge or responsibilities of this committee, s/he should contact the Executive Director, the President, or the committee’s Board of Directors Liaison.
- The Chair will have the opportunity three times every term-year to prepare and send a progress report which will be available for the Board of Directors to review at their next meeting. This report should include accomplishments and suggested modifications and should be sent to the AAA President, the committee's Board of Directors Liaison, and Governance Manager, Barbara Gutierrez (firstname.lastname@example.org).
|Name / Affiliation
University of Missouri-St. Louis
Vice President - Finance
Grant Thornton LLP
Accounting Professional Partner
Michigan State University
|Board of Directors Liaison
University of Missouri-St. Louis