The Audit Committee is composed of six members and is responsible for oversight of financial reporting and examinations. On average, this committee holds seven meetings annually. The Audit Committee responsibilities include, but are not limited to, the following:
- Oversight of the financial reporting risk and the accuracy of the quarterly and annual shareholder reports;
- Oversight of the system of internal controls related to the preparation of quarterly and annual shareholder reports;
- Review and assessment of the impact of accounting and auditing developments on the consolidated financial statements; and
- Establishment and maintenance of procedures for the receipt, retention, and treatment of confidential and anonymous submission of concerns regarding accounting, internal accounting controls, and auditing matters.