Policy No.: 6025 Board Approved: June 20, 2006 Revised: May 23, 2017
AUDIT COMMITTEE CHARTER
CHARTER PURPOSE. This Audit Committee Charter (Charter) defines the authority, role and duties of the Audit Committee (Committee) of Hagerstown Community College (College).
AUTHORITY. The Committee receives its authority from this Charter as approved by the Board of Trustees (Board), and from any additional authority which may be granted from time to time by the Board. The Committee is empowered to investigate any matter brought to its attention related to its role and duties, with full access to all books, records, facilities and personnel of the College, and has the authority to engage independent counsel and other advisors as it determines necessary to carry out its duties. MEMBERSHIP. The Committee is comprised of three (3) College Trustees who shall be appointed pursuant to the bylaws of the Board. The appointments shall include the designation of a Chairperson and a Vice-Chairperson. Consideration should be given to financial and managerial experience in the selection of Committee members. Each member shall be free of any relationship that, in the judgement of the Board, would interfere with his/her exercise of independent judgement. The President of the College serves as a non-voting, ex-official member. MEETINGS. The Committee will meet as needed to address its responsibilities. The Committee will meet, at a minimum, twice per year to 1) review the proposed external audit scope and approach and 2) receive the external auditor’s annual report. The Committee may ask members of management or others to attend meetings and provide pertinent information as necessary. Members may participate by telephone or video conference if unable to attend in person. Meeting minutes will be prepared and distributed no later than the next meeting of the Committee. ROLES. Board of Trustees. In support of its overall financial responsibility for the College the Board will 1) appoint members to the Committee pursuant to this Charter and the bylaws of the Board, 2) receive reports from the Committee, and 3) give consideration to recommendations of the Committee.
Audit Committee. The Committee assists the Board in fulfilling its responsibility for oversight of the quality and integrity of the accounting and budgeting polices, auditing, reporting practices
Made with FlippingBook - Online catalogs