SECTION 12. ANNUAL AUDIT:
- a. Conduct of Audit: It is recommended that the accounts of the Association elements (chapter, regions, and National) shall be audited at least annually in accordance with generally accepted auditing standards by one or more disinterested parties. This audit will normally be conducted immediately after end of each calendar (fiscal) year. The audits shall be conducted at the place or places where the accounts of the Association are normally kept.
- b. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Association and necessary to facilitate the audits shall be made available to the person(s) conducting the audits. Full facilities for verifying transactions with the balances of securities held by depositories, fiscal agents, and custodians shall be afforded to such person(s).
- c. Reports to National BOD: The report of each audit shall be submitted to the National BOD not later than ninety (90) days following the close of the fiscal year for which the audit was made. The report shall set forth the scope of the audit and include such statements as are necessary to present fairly the Association's assets and liabilities, surplus or deficit with an analysis of the changes therein during the year. The report will also be supplemented in reasonable detail by a statement of the Association's income and expenses during the year including the results of any commercial type endeavor carried on by the Association together with the independent auditor's opinion of those statements. The approved report shall be published and made available to the membership.