The Audit Committee assists the Council in monitoring compliance with all relevant legal and regulatory requirements, the integrity of the financial processes and the independence, qualifications and performance of the independent auditor.
In addition to its members elected from the Council, the Audit Committee shall consist of three additional members who, upon recommendation, are proposed to Council by the Bishop and Vice Chair of Council and elected by a majority vote of Council. These members are to be selected for their demonstrated professional expertise, preferably in the auditing function. No person, other than the Treasurer, the Bishop or the Bishop’s appointees serving on the Audit Committee, may also serve on the Finance Committee or have any financial responsibility or have the ability to pledge the credit of the Episcopal Church in Minnesota.
The Audit Committee shall meet at least semi-annually or more often as needed to assure that the Council exercises and fulfills its duties under the Constitution, Canons and Resolutions of the Episcopal Church and The Episcopal Diocese of Minnesota and all federal, state and local laws applicable to hierarchical churches. Under its duties the Audit Committee shall:
- Annually, in consultation with the Trustees, choose and recommend an independent auditor to Council.
- Assure all necessary and appropriate assistance and documentation are provided to the independent auditor.
- Review and approve the annual audit results and financial statements; and present the results of the audit and the related financial statement to Council.
- Annually meet with the Chancellor(s) to assure that all required internal controls are in place and that all legal requirements are being met.
- Coordinate and direct audit activities in conjunction with the Trustees.