KWEA Audit Committee
Objectives and Goals
The Kansas Water Environment Association Audit Committee’s objective is to provide an independent review of financial activities of the Association. The Audit Committee will provide an independent review of the financial records of the Association for conformance with the guidelines of the Association and normal and standard financial transactions. The committee’s review will be of a general nature only; it does not constitute a formal audit.
Activities and Duties
The Audit Committee shall conduct, but not be limited to, the following activities:
- Conduct a review of financial records prior to each annual meeting of the Association. The review shall consider the activities of the Association, program, and financial activities required by the constitution & bylaws of the Association, directives of the executive board, and actions of the membership. The committee shall review the financial transaction records provided by the treasurer to determine if activities have been conducted in accordance with the directives of these groups and following generally acceptable financial procedures.
- Prepare a report for the business portion of the annual meeting of the Association. The report will summarize the findings of the audit of the previous year’s financial activities of the Association and make any recommendations the committee feels are appropriate to improve financial procedures of the Association.
- Assist the Executive Board as requested in reviewing any proposed financial transactions of the Association to confirm they are in accordance with the constitution & bylaws and policies of the Association.
- Arrange for an independent outside accounting firm or company to conduct a formal audit of the Association annually. Review and accept accounting firm’s work product.
- Publish or provide to Splashings a final balance sheet of the Association’s fiscal activities annually.
- Complete quarterly reports and submit them to the Board Liaison by the end of each quarter.
- Complete and submit an annual report to the Vice President on the committee's activities at least 30 days prior to the annual meeting. The Vice President will compile the committee's annual reports, distribute them to the Board, and turn them over to the new Vice President for use in assessing changes for the next program year.