The Audit Committee shall meet not less than two (2) times per year, and shall consist of not less than three (3) members, who shall have expertise in financial and auditing matters. One member shall be appointed from a position external to the College. The Audit Committee shall be concerned with the following:
- in collaboration with staff, recommend to the Board the appointment of a public accounting firm to serve as the College's independent auditor;
- review changes in accounting standards and financial regulations, and assess their impact on the College's financial reporting and fiscal operations;
- identify priority financial control and reporting issues to be examined as a component of the annual independent financial audit or other independent or internal audits; and
- review and recommend acceptance of the annual fiscal year audit.