Audit Committee

Updated June, 2016

Purpose/Function:
This Committee shall oversee all accounting aspects of CAMFT’s annual audit.

Composition:
This Committee shall be comprised of three (3) members, none of whom shall be currently serving on the Finance Committee or serving on the Board, to ensure independence. Committee members shall be appointed, with the approval of the Board of Directors. Diversity in committee composition is desired.

Committee Member Requirements:
Committee members shall have: (1) knowledge of the primary activities of the organization; (2) the ability to read and understand fundamental nonprofit financial statements, including a statement of financial position, statement of activities and statement of changes in net assets, statement of cash flows and key performance indicators; and (3) the ability to understand key operational and financial risks and related controls and control processes.

Term:
Two (2) Committee members shall serve staggered terms of two (2) years each, one (1) Committee member shall serve a term of one (1) year. Committee members are appointed by, and serve at the pleasure of, the CAMFT Board of Directors. A member may serve as Chair for up to two (2) years, if re-appointed.

Meetings:
The Committee shall hold two (2) meetings per year (typically in January and February) via conference call. The Committee would also meet in the Fall of years that the Auditor engagement would need to be reviewed or updated. The Committee communicates as necessary via email.

Responsibilities:

  • Oversee the organization's internal accounting controls
  • Select the external auditors
  • Review the external auditors' annual audit plan, the annual report, management letter, and the results of the external audit.
  • Committee members are required to sign: Committee Member Participation Agreement, Conflict of Interest Policy, Anti-Trust Compliance Policy, and Consent to Electronic Transmission.

In addition, the Committee, or at least one Committee member, as designated by the Committee, shall have an annual private conversation with the auditor. The Committee reports to the full Board of Directors.

CAMFT Committees