The Audit Committee is a standing committee created by the Leisure World Board of Directors. It shall consist of individuals with backgrounds in finance, accounting, auditing, budgeting, management, law, business and/or contracting of Audit, limited to residents. Management will also be represented as non-voting members. Members shall disclose in writing any actual conflicts of interest, or what might reasonably be perceived by others as conflicts of interest. Such disclosures shall be attached to the minutes and made known to the Leisure World Board of Directors. Members are selected and appointed by the Chair of the Leisure World Board of Directors. The Committee shall: assure all interested parties, including, but not limited to, Trustees, Leisure World property owners, and lenders that the audit s of the Trust’s financial transactions meet accepted standards. The Committee shall: operate in conjunction with other committees and management, or operate independently in carrying out its responsibilities. The Committee shall: develop written policies, criteria, and procedures for the selection of outside independent auditors of the Trust’s financial transactions. The Committee shall: review audit reports and any follow-up actions that are recommended. The Committee shall: advise the Leisure World Board of Directors of any identified problems and proposed corrective actions. The Committee shall: take into consideration current federal and state regulatory requirements placed on similar size and type corporations and revisit the issue as subsequent changes occur. The Committee shall: recommend to the Leisure World Board of Directors the auditor to be selected each year and the estimated cost. The Committee shall: determine the need for, and recommend, management type (economy and efficiency) audits of selected Trust operations. The Committee shall: develop written policies, criteria and procedures for obtaining such audits and for following up on the reported results. The Committee shall: develop and implement procedures for confidentially receiving and dealing with complaints pertaining to the financial operations of the Trust. The Committee shall: annually review and assess the adequacy of this CHARTER and recommend any proposed changes to the Leisure World Board of Directors for approval. The Committee shall: determine the time, place and frequency of its meetings. The Committee shall: record the minutes of its meetings. The Committee shall: report to the Leisure World Board of Directors as needed, but at least once a year. | 
Audit