The Audit Committee shall supervise the execution of the activity of the Association. The members of the Audit Committee shall be elected by the General Assembly amongst the Members of the Association for a period of 3 years. The chairman of the Audit Committee shall be elected by the General Assembly.
The Audit Committee shall be accountable to the General Assembly of the Association and shall submit to it for approval the results of the inspections carried out by committee.
The basic form of the Audit Committee activity is a meeting. The Audit Committee shall be convened by its chairman once a year, or within ten (10) days at the request of the General Assembly, Executive Board or President of the Association. The Audit Committee is able to make decision, if most of its members are present. Decisions on any matter shall require a simple majority vote. Each member of the Audit Committee shall have one vote.
Decisions of the Audit Committee, reached during the meeting, shall be fixed in the minute, signed by the person, presiding at the meeting, and by the secretary of the meeting.
The Audit Committee, within its competence, shall:
1) have the right to demand and receive from the officials of the Association, its Members and employees all necessary materials, accounting and other documents, and personal explanations of financial activity of the Association, including the engagement and use of funds and property;
2) draw out conclusions and reports on audit of the Association and submit them for approval to the General Assembly;
3) have the right to engage auditors and other experts to audit the Association;
4) draw out liquidating balance of the Association.
The Audit Committee shall require the convening of the Executive Board or the General Assembly, if there is a substantial threat to the interests of the Association, as well as in the event of violations of this Charter or abuse by officials of the Association or its Members.
The members of the Audit Committee of the Association shall work on a voluntary basis.