Volunteer PositionPosition is strictly volunteer and not paid.Role OverviewThe Audit and Risk Committee assists the Board of Trustees in fulfilling oversight responsibilities for financial reporting and internal controls, auditors' qualifications, compliance monitoring, and risk management practices.CommitmentTerm: 2 years, with a maximum of 4 consecutive terms.Meetings: 3 times per year, approximately 4 hours each.ResponsibilitiesReview pre‑read materials such as audit firm communications, draft financial statements, and management reports on various risk areas. Be prepared to discuss these topics during committee meetings.RequirementsFinancial literacy is required. Experience in one or more of the following areas is helpful:Audit committee experienceFinanceEnterprise risk managementTechnology/ITInvestment/endowment managementPublishingHealth plansStrategic planningDiversity, equity and inclusionHuman resourcesLawNot‑for‑profit industry knowledgeLeadership rolesMarketing/public relationsAccountingAuditingUnder the committee charter, at least one member must be a “financial expert.” Required qualifications for a financial expert include:Understanding of generally accepted accounting principles and financial statementsAbility to assess the general application of such principles in accounting for estimates, accruals, and reservesExperience preparing, auditing, analyzing, or evaluating financial statements of comparable complexity to the Association'sUnderstanding of internal controls and procedures for financial reportingUnderstanding of audit committee functions#J-18808-Ljbffr