Miami Valley Risk Management Association
Auditing Policy

Originally Adopted by MVRMA Board: June 18, 2007

PURPOSE 

The purpose of this policy is to (1) establish an Audit Committee with a high level of accounting experience and (2) provide an overview of the responsibilities of the Board of Trustees, the Audit Committee, the independent public accountant (IPA) and Management, with respect to financial reporting, MVRMA’s annual financial audit and internal controls. 

POLICY STATEMENT

It is the policy of MVRMA to provide an accurate and timely report of its annual financial results to all members, to maintain accurate accounting records in accordance with Generally Accepted Accounting Principles (GAAP) and to submit an annual financial report and audit to the State Auditor’s Office as required.

RESPONSIBILITIES

  1. The Board of Trustees shall have responsibility for:
    1. Recommending the selection of the IPA to conduct MVRMA’s annual financial audit, subject to final approval by the State Auditor’s Office
    2. Reviewing and approving MVRMA’s quarterly financial reports
    3. Accepting the annual financial audit report
    4. Accepting the CAFR
  1. The Finance Committee shall serve as the Audit Committee.  The Audit Committee shall have responsibility for:
    1. Recommending to the Board the selection of an IPA to conduct the audit
    2. Overseeing MVRMA’s accounting policies and financial reporting practices
    3. Reviewing MVRMA’s monthly and quarterly financial reports
    4. Reviewing the annual financial report and audit findings
    5. Meeting with Management and the IPA to review the IPA’s findings, to discuss any discrepancies or concerns and to identify ways to improve financial reporting and/or internal controls 
  1. The IPA shall have responsibility for the annual financial audit of MVRMA’s financial statements and records prepared in accordance with Generally Accepted Accounting Principles (GAAP).
  1. Management shall have responsibility for:
    1. Preparing and distributing monthly and quarterly financial reports
    2. Preparing the annual financial report
    3. Preparing and distributing the final Comprehensive Annual Financial Report to the Board, the State Auditor’s Office and other interested parties.