The mission of the Audit Committee is to insure that the financial records, reports, procedures and systems of the Society at the end of each fiscal year are accurate and in compliance, to report to the Board of Delegates on the results of its annual reviews to insure such accuracy and compliance and to advise the LESI Treasurer and the Board of Delegates with regard to modifications and improvements to the financial record-keeping and reporting procedures and systems of the Society.

The goals of the Audit Committee for 2011-2012 include the following:

• Prepare recommendations to the Board, including external auditor input, on the suggested level of internal audit review procedures.
• Prepare recommendations on the appropriate level of Society cash balance relative to annual operating budget.
• Investigate any potential issue related to non-profit status due to excessive cash balances.
• Timely complete its annual reviews of the LESI financial records, reports, procedures and systems to insure accuracy and compliance.
• Report to the Board of Delegates on the results of its annual reviews of the LESI financial records, reports, procedures and systems.
• Advise the LESI Treasurer and the Board of Delegates with regard to modifications and improvements needed to the financial record-keeping and reporting procedures and systems of the Society.
• Coordinate with the Endowment Committee to devise recommendations for best practice allocation for Endowment activities, including a prioritized recommendation for Endowment allocations at three hypothetical levels: $25,000; $50,000; and $100,000.
• Populate and maintain the Committee pages on the LESI Website.