Audit and Finance Committee

The purpose of the Audit and Finance Committee (the “Committee”) is to assist the Board of Governors (the “Board”) in the fulfillment of its functions with respect to CFA Institute’s financial statements and financial condition by:

• Overseeing CFA Institute’s financial and audit systems for financial integrity.
• Overseeing CFA Institute’s process for monitoring compliance as it relates to financial integrity.
• Evaluating the independence and qualifications of the independent auditor.

Governance standards are ultimately determined by US Virginia State law and corporate codes, but recognizing the prominence of the organization as a professional body, and the expectations of members and other stakeholders, other best practice enhancements to governance and disclosure are followed where practicable.

The Committee’s role is one of oversight. Management is responsible for preparing the financial statements. The independent auditor is responsible for auditing the annual financial statements. The Board and Committee recognize that management, including the independent auditor, have more time, knowledge, and detailed information about the organization than do Committee members. The Committee therefore relies on the reviews and reports provided by management and does not provide any expert assurance as to the financial statements or any certification as to the work of any auditor. As appropriate, the Committee may challenge the reviews and reports to enhance the organization’s overall risk management.

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