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The
Audit Committee will interface between the HOA and the independent audit
firms serving the HOA. The
committee will also establish and monitor the financial reporting and
internal control procedures. MEMBERSHIP The
committee will be comprised of 3 members approved by the Board, who have
knowledge of financial reporting and internal control procedures.
Members to be selected from a list of resident volunteers
solicited from the community. The
committee will work with the Treasurer and Controller to ensure that the
HOA financial records and methods meet the industry standards.
No member of the committee shall be either a Board member or a
member of the Financial Affairs Committee. DUTIES
AND RESPONSIBILITIES 1.
Functions in the capacity
of an overseer of the HOA financial reporting process and internal
controls. 2.
Acts as interface between
the HOA and the independent auditing firm. 3.
Recommends to the Board a
CPA firm to act as the independent auditor for the HOA. 4.
Review the independent
auditor's terms of engagement. 5.
Review the results of each
audit including opinion qualifications or expectations.
Report all findings from the Audit firm including other
issues/disputes to the BOD. 6.
Review the auditor's
management letter and the HOA response. 7.
Review issues and disputes
that may arise between the HOA management and the independent auditor
during an audit. 8.
Review the adequacy of
internal financial controls with the HOA management and the audit firm. 9.
Review the procedures and
provide any appropriate assurances regarding a) HOA administered funds,
not included in the financial statement, and b) HOA election process. AUDIT
COMMITTEE MEMBERS 2008-2009
NAME
PHONE
E-MAIL
Ellry
Schulte
572-5625
eschulte2@comcast.net
Chair Marlin
Miles
572-0077
mmiles@mho.net
Clay
Strandlie
744-6632
claymaviss@aol.com Ted Colburn 579-2093 tcolburn@heritgehighlands.com
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Audit
Committee