Audit Committee

The Audit Committee in conjunction with the Board shall oversee the accounting and financial reporting processes of the Federation and the audit of the Federation’s financial statements, annually retain or renew the retention of an independent auditor to conduct the audit and, upon completion thereof, review the results of the audit and any related management letter with the independent auditor. In addition to such duties, the Audit Committee shall: a. review with the independent auditor the scope and planning of the audit prior to the audit’s commencement; b. upon completion of the audit, review and discuss with the independent auditor: i. any material risks and weaknesses in internal controls identified by the auditor; ii. any restrictions on the scope of the auditor’s activities or access to requested information; iii. any significant disagreements between the auditor and management; and iv. the adequacy of the Federation’s accounting and financial reporting processes. c. consider the performance and independence of the independent auditor and report on the Committee’s activities to the Board. Only Independent Directors may participate in any Board or Committee deliberations or voting relating to matters relating to the audit; d. investigate all matters of fiscal controls including but not limited to budget control, risk management, legal compliance, conflict of interest, ethics/code of conduct and whistleblower policy complaints. Following the investigation of any such matters, the Committee shall promptly report its findings to the Board and make recommendations as needed; e. recommend the establishment of policies and controls that encompass any activity that may impact on the financial well-being of the Federation; f. submit recommendations regarding requirements of confidentiality within the Federation, requirements of openness, and is charged with the development of a standard of openness required to do business properly; and g. perform such other duties as directed by the Board or the President.