2008-2009 AAA COMMITTEES

AUDIT COMMITTEE

Charge:

The primary function of the Audit Committee is to assist the American Accounting Association Executive Committee in fulfilling its financial and compliance oversight responsibilities. The Audit Committee should review the financial reports and other financial information; the systems of internal controls; and the auditing, accounting, financial and compliance reporting processes of the Association.

Membership:

The Audit Committee shall be comprised of the V.P. of Finance, the V.P. of Practice, the V.P. of Finance-Elect and one association member with expertise in auditing and internal control to be appointed for a three year term by the President-Elect. In years when there is no VP-Finance Elect, the past VP-Finance will serve. All members should be free of any relationship that, in the judgment of the Executive Committee, would interfere with their exercise of independent judgment. The Chair of the Finance Committee shall serve as the Chair of the Auditing Committee.

Meetings:

The Audit Committee shall meet at least two times annually, either in person or telephonically. The Audit 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 Executive Committee following the meetings of the Audit Conference. A quorum for a meeting is at least three members in attendance.

Responsibilities:

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 please go to: http://aaahq.org/FC/2006/AAA_AuditCharter-rev_8-2006.pdf.

The Chair prepares and sends a progress report twice every term-year, with deadlines of October 29th 2008 and March 4th 2009, to the Executive Committee Liaison, AAA President, and Executive Director regarding accomplishments or modifications.

Chair:

Robert Daugherty -2-8/2009
PricewaterhouseCoopers LLP
robert.j.daugherty@us.pwc.com

Members:

Name Affiliation	Email	Term Length	Term Expires
Joseph Carcello University of Tennessee	jcarcell@utk.edu	2	08/2009
Ray Whittington DePaul University	rwhittin@depaul.edu	3	08/2010
Chris Wolfe Texas A&M University	cjwolfe@tamu.edu	3	08/2010

EC Liaison:

Robert Daugherty
PricewaterhouseCoopers LLP
robert.j.daugherty@us.pwc.com

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