Audit Committee The audit committee shall be composed of no fewer than three members. Individuals with check signing authority and their family members may not serve on the audit committee, nor may the outgoing or incoming treasurer. Responsibilities include the following: Monthly financial review. The audit committee will conduct a monthly review of this local PTA’s bank statements and supporting documents and shall sign an acknowledgment on the bank statements that the expenditures were consistent with the approved budget. Financial review when financial officer leaves office. If any officer with financial responsibility, including but not limited to check signing authorization, leaves office before the end of a fiscal year, the audit committee will conduct a review of the local PTA’s financial records. Annual financial review. By August 31 each year, the audit committee, or a certified public accountant appointed by the board shall: ~Examine the treasurer’s year-end financial report and this local PTA’s financial records (including but not limited to all depository accounts, the general ledger of receipts and expenditures, supporting documentation and checks, and records of membership dues paid); and ~State in writing whether or not the treasurer’s year-end report is correct and shall submit that statement, with a copy of the report, to the board of directors. The board shall review and approve the report of the audit committee or certified public accountant, and thereafter the audit committee shall use the data in the report to prepare and file the required Local PTA Year-End Report online in the NCPTA database no later than August 31. The audit committee will summarize its report to the general membership at its next meeting. The audit committee, at any time, may recommend to the board that an independent review of the financial records by a certified public accountant should be conducted.