05.14.050 Responsibilities.
(1) Financial Statements. Review and discuss annual and quarterly statements and Managements Discussion & Analysis (MD&A) with management and auditors.
(2) Internal Control. The Audit Committee’s role is to ensure that management has developed and follows an adequate system of internal control, including but not limited to:
(A) Monitoring compliance with legal and regulatory requirements.
(B) Risk assessment and risk management.
(C) Adopt a Code of Ethics for senior financial officers which includes monitoring and enforcement.
(D) Establish procedures for the receipt, retention, and treatment of complaints; establish a confidential anonymous submission by employees for concerns regarding questionable matters.
(E) Ensure open communication and information flow with management, internal auditors and external auditors.
(3) Internal Audits. Internal Audits may be required and shall be responsible to the Audit Committee. The Internal Auditors shall have delegated authority from the Audit Committee and shall have the greatest ability to obtain information reasonably related to an audit.
(A) Perform all work in accordance with the International Professional Practices Framework.
(B) All information collected or derived from an audit, upon closure, shall be retained for seven years in a secure location in accordance with the Records Management Law.
(C) The Internal Auditors shall make reports available to the Audit Committee, Tribal Council and Administration on a need to know basis.
(D) Reports accepted by the Tribal Council Committee may be made available for review by Tribal Members who make a request.
(4) External Audit. The Audit Committee shall:
(A) Ensure auditor qualifications.
(B) Oversee performance of external auditor.
(C) Assure all reports go directly to the Audit Committee.
(5) Compliance. Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of management’s investigation and follow-up of any instances of non-compliance.
Special Audits may be recommended by the Audit Committee from time to time, but such audits shall be requested in writing to the Tribal Council.
(6) Reporting Responsibilities. The Audit Committee shall report, as deemed appropriate, to the Tribal Council.
(A) Approved Audit Committee minutes, appropriate supporting information and audit reports shall be presented to the Tribal Council for consideration and acceptance.
(B) There shall be an open avenue of communication between internal auditors, the external auditors, Audit Committee and the Tribal Council.
(7) Other Responsibilities. The Audit Committee should complete a self-evaluation annually to identify improvement opportunities. This involves comparing the committee’s performance to its policies and procedures, any formal guidelines and rules and against best practices. [Res. 22-120, 2022.]