Item 6d Supp FINAL
Item No. __6d_Supp___ Date of Meeting: _March 31 2009 Audit Committee Charter Review Tom Barnard Research and Policy Analyst March 31, 2009 Background The Audit Committee was created to "represent the Commission and have review and oversight authority on matters relating to the Port's auditing process and procedures" In the past year the Audit Committee strengthened its oversight role and organizational capacity The Committee decided at January 2009 meeting to review and amend its internal charter, to bring the Charter up to date with the Committee's current work Review of Major Changes Overall re-organization of the Charter, to separate out authority, duties, internal responsibilities, composition, and meeting structure A more detailed spelling out of the authority of the Audit Committee and its relationship to the Commission A re-working of language concerning the Internal Audit Manager that reflects her work with the Audit Committee, and her responsibilities to it Review of Major Changes A section requiring Port departments to report on their progress in correcting deficiencies previously pointed out by the Internal Audit Manager Clarification of the relationship between the Audit Committee and outside external auditors, as well as a fuller explanation of what audits they provide A description of the Audit Committee's review of performance audits A description of the reporting relationship between the Audit Committee and the State Auditor's Office Review of Major Changes A corrected description of the Audit Committee membership A more detailed description of the skills and authority of the public member of the Audit Committee A slightly revamped description of meetings Review of Changes for 2nd Reading Authorizes the Audit Committee to review and recommend to the Commission the independent auditors used for the Port's financial statements, Passenger Facilities Charge Audits, and other audits. Requires quarterly reports from the Audit Committee to the Commission instead of annual reports. Amends the voting section so that in case of a tie vote, the matter is automatically referred to the Commission for review and vote. Calls for Audit Committee agendas and minutes to be circulated to all Commission members.
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