Review the audit plan annually from the external auditors re scope of the audit to be done, and the costs. Appraise the overall approach and the related fees.
Review reports to management from the external auditors on internal controls and observations.
Ensure that management has taken the appropriate action or determine that such action is not necessary. At least one member of the Committee is expected to have major financial expertise and experience. The Committee will normally meet not more often than three times per year. In discharging its duties, the Audit Committee determines that a number of standards are met and that certain checks and balances are in place. Ensuring that financial officers, external auditors and internal auditors have direct access to the Committee re any concerns they have about matters they feel have not been satisfactorily handled by others.