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Audit Committee

Audit Committee

Committee Chair:

Bobby Liu (Email: bobby.liu@aabany.org)

According to AABANY’s by-laws, the duties of the Audit Committee shall be to:

(i) supervise the financial affairs of the Association;

(ii) annually prepare for submission to the Board a proposed income and expense budget of all activities of the Association for the Fiscal Year;

(iii) meet with the Treasurer to discuss and review the system of internal controls and procedures;

(iv) recommend to the Board the selection of independent auditors of the Association for the Fiscal Year;

(v) meet with the Association’s independent auditors to discuss the scope of the annual examination;

(vi) review the annual report from the Association’s independent auditors and any reports on any material recommendations made concerning management of funds or recommendations on internal control and recommend to the Board what actions should be taken with respect thereto;

(vii) review with such auditors any material questions or problems with respect to accounting records, procedures or operations of the Association that have not been resolved to their satisfaction after having been brought to the attention of management and recommend to the Board what actions should be taken with respect thereto;

(viii) review and recommend to the Board investments for the Association’s assets;

(ix) regularly review the existing investments of the Association’s assets and recommend to the Board whether such investments should be terminated and recommend to the Board possible new investments for such assets;

(x) report to the Membership at the Annual Meeting the status of all investments of the Associations; and

(xi) perform such other duties as may be assigned by the Board.