Audit Committee Charter
1. Purpose. To assist the (fill in the organization name) in fulfilling the oversight responsibilities for the financial reporting process, the system of internal control over financial reporting, the audit process, the organization’s process for monitoring compliance with laws and regulations, and the code of conduct.
2. Mission. To provide professional advice to assist the Accounting Officer and Executive Management to secure transparency; accountability; and sound management of revenue, expenditure, assets, and liabilities of the organization.
3. Composition. The Audit Committee will consist of at least three external and two internal members, with alternatives where necessary.
The Executive Committee will appoint members and the Audit Committee will elect its own Committee Chair.
4. Authority. The audit committee has authority to conduct or authorize investigation into any matters within its scope of responsibility with complete and unrestricted access to all books, records, documents, facilities, and personnel of the organization. It is empowered to:
- Retain outside counsel, accountants, or others to advise the committee or assist in the conduct of its responsibilities.
- Seek any information it requires from employees—all of whom are directed to cooperate with the committee’s requests—or from external parties.
- Meet with company officers, external auditors, or outside counsel, as necessary.
5. Meetings. The committee will meet at least ...