The Audit Committee has been established as an “oversight” entity. The Committee is designated to oversee the Association’s fiscal affairs and act with the authority of the Board of Directors except where other action is required by the Bylaws. The Audit Committee’s functions are:
- To collaborate in the development of the Association’s budgets and accounts and to validate the budget’s long-term suitability and functionality;
- To submit the Association’s budgets to the Board for approval before presentation to the Voting Members for final approval;
- To advise the Board of Directors of additional spending authorizations;
- To monitor the Association’s financial affairs in relation to the policies and budgets determined by the Voting Members and the Board of Directors;
- To manage the Association’s investments;
- To provide financial guidance and advice to the Board of Directors and Secretariat for the sound fiscal management and good conduct of the Association’s affairs; and
- To counsel, advise and contribute to the activities of the Treasurer in the execution of his duties.