ANSI approves changes to Institute Constitution and By-Laws.
Press Release Summary:
The ANSI has approved revisions to the Institute Constitution and By-Laws following a membership vote on proposed changes, which reflect creation of the Audit Committee and its duties. Created to assist the Board in carrying out financial oversight responsibilities, the Committee will report on activities and findings, including issues of quality/integrity of financial statements, compliance with regulatory requirements, and performance/independence of ANSI's independent auditor.
Original Press Release:
ANSI Approves Revisions to Institute Constitution and By-Laws
The American National Standards Institute (ANSI) has approved revisions to the Institute Constitution and By-Laws following a membership vote on proposed changes.
The changes to the By-Laws, which were last revised in 2005, reflect the creation of the Audit Committee and its duties. The Audit Committee has been operating for the last three years pursuant to a charter approved by the ANSI Board of Directors. The Committee's purpose is to assist the Board in carrying out financial oversight responsibilities and, in particular, to ensure the independence of ANSI's external auditor. The functions of the Audit Committee are to be kept separate from functions carried out by the ANSI Finance Committee.
The ANSI Board Audit Committee is responsible for: The appointment and dismissal, compensation, and oversight of ANSI's independent auditor; assisting the Board in its oversight and assessment of the adequacy and integrity of ANSI's accounting system, financial statements, audit reports, and audit processes; and periodically reviewing internal financial controls, including Board Conflict-of-Interest policies.
The Committee will report periodically to the Board on its activities and findings, including any issue regarding the quality or integrity of the Institute's financial statements, compliance with regulatory requirements, and the performance and independence of ANSI's independent auditor.
