Represent the AAA Executive Board in overseeing the establishment and implementation of appropriate accounting policies and internal controls, with focus on assuring that proper stewardship is placed over the AAA's assets and protection of its reputation through fiscal transparency. To assess the business risks and determine whether there is adequate planning for those risks. To monitor the roles of the board, management and internal and external auditors in order to ensure that good financial governance practices are followed. To review and recommend the acceptance of the external audit report to the AAA Executive Board.
Duration of Committee: Permanent
Committee Reports to: AAA Executive Board
- Review the adequacy of the AAA's internal financial control structure;
- Monitor compliance with the AAA's code of conduct and conflict-of-interest policy;
- Review the policies and procedures in effect for the review of executive compensation and benefits;
- Review, with the organization's counsel, any legal matters that could have a significant effect on AAA's financial statements;
- Work with the independent auditor on such matters as:
- appointment or reappointment of the auditor;
- review of independent auditor’s fee arrangements;
- review the scope and approach of the audit proposed by the independent auditor;
- conduct a post-audit review of the financial statements and audit findings, including any significant suggestions for improvements provided to management by the independent auditor;
- Review and recommend the acceptance of the external audit report to the AAA Executive Board;
- Ensure the appropriateness of financial statement presentation and the adequacy of footnote disclosures;
- review the overall performance of the independent auditor;
- Review or approve the contracting for any non-audit services provided by the external auditors;
- Review the Form 990 that is filed with the Internal Revenue Service.
- Annually present the results of the audit to the Finance Committee;
- Perform other oversight functions as requested by the AAA Executive Board.
Membership and Appointment:
- Chair to be appointed by the AAA President
- A total of three (3) individuals selected by the AAA President for expertise in business and finance and a good understanding of internal control issues.
- One member to be chosen from the Finance Committee, one from the Executive Board and one from the financial community at-large. This third individual is to be selected principally for their specific knowledge of not-for-profit accounting and business issues.
Term of Office: Three years for the Finance Committee and Executive Board members . The member from the financial community at-large will be on an interim one-year assignment with future participation reevaluated at the end of this first year term.
Product: Develop reports, policy statements, and recommend actions to Executive Board
Meetings and Schedule:
Semiannually: pre-audit and post-audit for the year ending December 31.
Staff Liaison and Contact Information:
Suzanne Mattingly, Controller, American Anthropological Association, 2300 Clarendon Blvd., Suite 1301, Arlington, VA 22201, Phone: (703) 528-1902, ext. 1160, Fax: 703-528-3546, email@example.com.