FINAL-AUDIT-CHARTER.docx - TIGERS CORPORATION INTERNAL...

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TIGERS CORPORATION INTERNAL AUDIT CHARTER INTRODUCTION Internal auditing is an independent appraisal function within the Tigers Corporation which reviews accounting, financial, and other operations as a service to management. Internal Audit provides assistance to the Board of Trustees and all members of management, in the efficient and effective discharge of their responsibilities. Internal Audit provides the Board of Trustees, President, Vice President for Business and Finance, Chief Financial Officer and appropriate management with the following: Appraisal of University operations and activities. Independent and confidential advice regarding action to improve the University’s effectiveness, efficiency and economy in the use of resources. Progress reports regarding action taken by management. I. PURPOSE There shall be a committee of the board of directors to be known as the audit committee. The audit committee shall be composed of directors who are independent of the management of the corporation and are free of any relationship that, in the opinion of the board of directors, would interfere with their exercise of independent judgment as a committee member. The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by reviewing: the financial reports and other financial information provided by the Corporation to any governmental body or the public; the Corporation's systems of internal controls regarding finance, accounting, legal compliance and ethics that management and the Board have established; and the Corporation's auditing, accounting and financial reporting processes generally. Consistent with this function, the Audit Committee should encourage continuous improvement of, and should foster adherence to, the corporation's policies, procedures and practices at all levels. TIGERS CORPORATION’S AUDIT CHARTER Page 1
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TIGERS CORPORATION The Audit Committee's primary duties and responsibilities are to: a) Serve as an independent and objective party to monitor the Corporation's financial reporting process and internal control system. b) Review and appraise the audit efforts of the Corporation's independent accountants and internal auditing department. c) Provide an open avenue of communication among the independent accountants, financial and senior management, the internal auditing department, and the Board of Directors. d) The Audit Committee will primarily fulfill these responsibilities by carrying out the activities enumerated in Section IV. of this Charter. II. COMPOSITION The audit committee shall provide assistance to the corporate directors in fulfilling their responsibility to the shareholders, potential shareholders, and investment community relating to corporate accounting, reporting practices of the corporation, and the quality and integrity of the financial reports of the corporation. In so doing, it is the responsibility of the audit committee to maintain free and open means of communication
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