1 Welcome AUDIT COMMITTEE, AICPA MATRIX

Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated Responsibility 2

The Audit Policy of the Boy Scouts of America Definition Council Action 3

The Audit Committee Purpose Composition Organization Financial Expertise 4

The Audit Committee 5 Alternative Approaches Responsibilities

Audit Committee Chairperson Job Description 6 Qualifications General Responsibilities Specific Responsibilities

The Auditor 7 Qualifications Role Opinion

A Sample Not-for-Profit Audit Committee Charter 8 Reporting Responsibilities Composition Terms Meetings

Resources Available to the Audit Committee 9 BSA Fiscal Management Team American Institute of Certified Public Accountants

Recommended Audit Committee Meeting Schedule and Timetable for Audit Work 10 By October 1 October – December As Soon As Possible After Year- End

Recommended Audit Committee Meeting Schedule and Timetable for Audit Work 11 By May 1 By June 1

Sample Letters 12 Request for Proposal Engagement Management Management Response Representation

Audit Costs Reduction 13 Implementing Recommendations Conducting Inventory Properly Collecting Items

Reviewing Financial Statements 14 Reviewing Presentation Reviewing Accounting Policies Reviewing Conduct of the Audit

Audit Committee and Internal Control 15 Reviewing Internal Control Strengthening Internal Control

Evaluating Auditors 16 Audit Committee Members Scout Executive/ Highest Level Finance Person Highest Level Accounting Person

Questions 17