The Audit Committee shall consist of the Senior Vice President for Finance and Business/Chief Financial Officer and at least six (6) members appointed by the Chairperson of the Corporation, including one (1) who shall be a Dominican Friar, one (1) who shall be a faculty member, and four (4) who shall be members of the Board. Each member of the Committee shall be independent and free from any relationship that would interfere with the exercise of his or her independent judgment as a member of the Committee. All members of the Committee shall have a working familiarity with basic finance and accounting practices, and at least one member shall be a certified public accountant. The Chairperson of the Corporation, after consultation with the Chairperson of the Board of Trustees, shall appoint the members, Chairperson, and Secretary of the Audit Committee.
The Committee shall oversee the College's financial practices and standards of conduct, and is responsible for (i) overseeing the external financial audit, (ii) ensuring compliance with legal and regulatory requirements, and (iii) monitoring internal controls and risk-management systems.
The Committee shall have authority, through its chair or a majority vote of its members, to address specific issues within the mandate of the committee, as well as the authority to engage independent legal counsel and other professional advisers to carry out its duties.
The Committee shall meet as often as it deems necessary, but not less than two (2) times annually, and shall meet with the College's independent auditors at least annually. The Audit Committee also may act by unanimous written consent in lieu of a meeting.