2010-2011 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 Click Here.
• The Chair will have the opportunity three times every term-year to prepare and send a progress report which will be available for the Executive Committee 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 Executive Committee Liaison, and staff liaison, Barbara Gutierrez (barbara.gutierrez@aaahq.org).

Chair

Robert Colson
Grant Thornton LLP
Email

Members

EC Liaison

Robert Colson
Grant Thornton LLP
Email

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