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\lhead{\sc IACR Guidelines for the Audit Committee}
\rhead{\sc \lastupdate}

\title{\bf IACR Guidelines for the Audit Committee}
\author{\mbox{}}

\date{\lastupdate
 \footnote{Approved by the Board of Directors in August 2012.
   The most recent version of this document
    can be obtained from \protect\url{http://www.iacr.org/docs/}.\newline
  Editors of this document: Tom Berson (2012), Christian Cachin (2013).}}


\begin{document}

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\maketitle

\section{Overall Responsibility}

Take delegated responsibility on behalf of the Board of Directors for
ensuring that there is a framework for accountability; for examining
and reviewing all systems and methods of control, especially financial
systems; and for ensuring that IACR is complying with law, relevant
regulations and good practice.


\section{Composition, Meetings, Reporting, and Authorities}

The members of the audit committee are appointed by the Board.  The
committee consists of at least three members, and at least one of them
must be a member of the Board.  Members ideally have
working knowledge and expertise in financial matters.

The chair of the audit committee is appointed by the Board.

Members of the audit committee serve for a three-year term; they may
be reappointed under the condition that no member serves more than two
consecutive terms.

The audit committee shall meet at least once every year. The chair
shall give notice of meetings to members of the audit committee and to
the Board at least twenty days in advance. Meetings may
be held in person, or by any means of telecommunication acceptable to
a majority of the audit committee.

The audit committee decides by majority vote, and in case of
a tie by the decision of its chair.  A quorum shall consist of 
two members of the audit committee.

Any director, including those who are not members of the audit
committee, may attend any meeting of the audit committee.

The chair may require any officer to attend meetings of the audit
committee.

The chair may call upon the Secretary to provide administrative
support for the audit committee.

The audit committee  reports to the Board at least once every year.

The audit committee is authorized to obtain appropriate external legal
and other professional advice in order to fulfill its responsibility
to the Board.

The audit committee is authorized to investigate on the behalf on the
Board anything that threatens or adversely affects the accomplishment
of IACR's charitable aims and objectives, its assets, the reliability
of all records and information, and its compliance with relevant laws,
regulations, policies and governing instruments.

The audit committee may perform audits at any time; it is suggested to
have financial audits at least every three years (coinciding with a
Treasurer's term) or whenever there is a change of the Treasurer.

\section{Duties}

\begin{enumerate}
\item 
Oversee the financial reporting and disclosure process.
\item 
Monitor choice of accounting policies and principles.
\item 
Monitor internal control processes.
\item 
Oversee the performance of the internal audit function.
\item 
Oversee hiring, performance and independence of the external auditors.
\item 
Oversee regulatory compliance, ethics, and whistleblower hotlines (if any).
\item 
Discuss risk management policies and practices with the Board.
\item 
Investigate on behalf of the Board any financial or administrative matter which may put IACR at risk.
\item 
Examine reports of special investigations and advise the Board on recommended actions.
\end{enumerate}


\end{document}

