The Audit Committee normally consists of two members of the PSA who, if possible, live fairly near the office of the Executive Director. The Members of the Audit committee are appointed by the Committee on Committees with the approval of Council and the President-elect. Members of the Audit Committee may recommend prospective committee members to the Committee on Committees, they do not select their own members. The Committee does, however, select its own chair. Members serve a two year term.
The Audit committee's function is to audit the financial records of the PSA at the end of each fiscal year, and also whenever the Secretary-Treasurer retires from office. The committee shall certify in writing the accuracy of the records.
1. There are no additional responsibilities or duties of this committee other than those specified above.
2. Procedures for taking committee actions.
Each year the Executive Director will schedule a meeting with the Audit Committee, usually during the month of February for the purpose of auditing the previous year's PSA financial records. The Secretary/Treasurer will be in contact with the Chair of the Audit committee regarding this meeting. The meeting can be scheduled in the office of the Executive Director, if commuting time is acceptable or the meeting can take place at the campus of one of the Audit Committee members if the commuting time is acceptable.
During the annual Audit committee meeting, the Executive Director will provide the members with all of the previous year's financial records, including a month to month folder of receipts for expenses, the PSA checkbook, the PSA month to month Quicken account, and the PSA Bank Statements.
Audit members are asked to randomly select check book entries and then locate the corresponding receipts and entries in Quicken. They are free to select any entry to examine.
Other procedures for doing the audit can also be developed by the committee working with the Secretary/Treasurer
Once the committee has completed its task, it signs a letter certifying that the financial records are accurate for the previous fiscal year.
3. Specific duties of the Chair.
There are no specific duties of the chair except to possibly schedule a meeting at his or her campus, which the Secretary/Treasurer will attend with the financial records.
4. Calendar of committee activities
February: The committee will meet to review the PSA financial records after the Executive Director initiates the meeting by contacting the Chair of the Audit Committee.
5. Procedures for maintaining the committee's archive and passing it on to the next chair.
There essentially is only one item in the committee's archive - the signed statement indicating the financial records of the PSA are in order.
