The Audit Committee shall periodically recommend an audit firm to the Board of Directors; serve as the Board of Directors' liaison to the Association’s auditors; represent the Board of Directors in discharging its responsibilities relating to the accounting, reporting, and financial practices of the ASA; have general responsibility for surveillance of internal controls, accounting, and audit activities of the ASA; ensure the audit is carried out in a fiscally sound manner; review with the audit firm their audit procedures, including the scope and timing of the audit, the results of the annual audit, and any accompanying management letters; assess the adequacy of internal controls and risk management systems; review the IRS Form 990, 990-T, and Virginia Form 500; review the document destruction and whistleblower policies; and review material about any pending legal proceedings involving the ASA.
Composition: The Audit Committee shall consist of the Treasurer, who acts as chair, the chair of the Budget Committee (the senior Vice President), and the Past President.
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