By Law - Article 7
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ARTICLE 7: AUDIT COMMITTEE

7.1 Responsibilities:  The Audit Committee is responsible to monitor the financial records of the Federation.

7.2 Duties:  The following are the duties of the Audit Committee:

7.2.a   To monitor the financial records of the Federation and submit an “Audit Report” to the regular meeting of the General Assembly

7.2.b   Outside the period of regular General Assembly meetings, if it deems it necessary, to inspect the financial records of the Federation. Before such an inspection, a notice of four weeks is to be given to the Executive Committee,

7.2.c   If it deems necessary, to make recommendations to the Executive Committee for the establishment of financial record keeping procedures,

7.2.d   If it establishes the existence of deficiencies, to warn the Executive Committee for the correction of these deficiencies and to monitor that they are corrected,

7.2.e   If it establishes that, in its opinion, there are deficiencies and errors in financial matters that they may endanger the financial integrity of the Federation, and after warnings to the Executive Committee, if it is of the opinion that appropriate corrective action is not being taken, to call a special meeting of the General Assembly according to Article 5 of this by-law.

7.3 Election:  The Audit Committee is composed of a Chairman and two members, all elected by the General Assembly with a secret ballot. The term of office of the Audit Committee is two years.

7.4 Procedures:  The Audit Committee, after the General Assembly meeting, at which it is elected, will meet and establish its own procedures, and advise the Executive Committee of these procedures.