1.12 Audit Committee Charter

Meeting room

1.12 Audit Committee Charter

This Audit Committee Charter has been adopted by the Board of Trustees of the Illinois Municipal Retirement Fund. The Audit Committee of the Board shall review and reassess this charter annually and recommend any proposed changes to the Board for approval.


To assist the Board of Trustees in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control over financial reporting, the internal and external audit process, and the Fund's process for monitoring compliance with laws and regulations and the Board’s Ethics Code and Travel Policy. Other duties may be assigned to it by the Board.


The audit committee has authority to conduct or authorize investigations into any matters within its scope of responsibility. It is empowered to: Retain outside counsel, accountants, or others to advise the committee or assist in the conduct of an investigation. Seek any information it requires from employees--all of whom are directed to cooperate with the committee's requests--or external parties. Meet with Fund directors, internal auditors, external auditors, or outside counsel, as necessary.


The audit committee will consist of at least three members of the Board of Trustees. The president of the Board will appoint and the full Board will approve committee members, the committee chair, and vice-chair for one-year terms. The members of the audit committee collectively shall possess the expertise and experience in accounting, auditing, and financial reporting needed to understand and resolve issues raised by the internal and external auditors. Each committee member will be both independent and financially literate, as determined by the Board of Trustees.


The committee will meet at least twice a year, with authority to convene additional meetings, as circumstances require. Meetings are subject to the Open Meetings Act. All committee members are expected to attend each meeting, in person or via teleconference or videoconference. The committee will invite members of management, auditors or others to attend meetings and provide pertinent information, as necessary. It may hold private meetings with auditors and executive sessions. Meeting agendas will be prepared and provided in advance to members, along with appropriate briefing materials. Minutes will be prepared. The internal auditor or the external auditor may request to meet privately with the committee if there are significant matters involving the office of the executive director or any other part of the organization or if the executive director has failed to respond to recommendations of either the internal or external auditors.


The committee will carry out the following responsibilities:

Financial Statements

Internal Control

Internal Audit

External Audit


Reporting Responsibilities

Other Responsibilities