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ASHA Announces Formation of New Audit Committee

Lexington, Kentucky - The American Saddlebred Horse Association (ASHA) has formed a new Audit Committee.

Following authorization from the ASHA Board of Directors at the February 2012 board meeting, ASHA has formed a new Audit Committee, which will now be one of the Standing Committees of the organization.  The Audit Committee’s primary function will be oversight of:

Financial statements and financial reporting, including financial controls

Ensuring the independence and qualifications of external auditors

Compliance with legal, ethical and regulatory requirements

Prudent management of business and financial risk

One of the initial tasks of the ASHA’s Audit Committee will be to carefully review the recommendations made by the external auditors regarding any and all deficiencies following the annual audit, and to recommend policies and procedures to the full Board in response to the suggestions of the external auditors.

Members of the Audit Committee must be free from any relationship that might interfere with their exercise of independent judgment;  the majority of the members of this Committee are not board members of ASHA.  The members of the Audit Committee all have business and/or financial backgrounds that will enable them to discharge their responsibilities on this important Committee.

The Chair of the ASHA Audit Committee is Dr. Margaret McNeese, a physician who serves as the Associate Dean for Admissions and Student Affairs at the University of Texas Medical School at Houston;  Dr. McNeese is a member of the Board and the Executive Committee of ASHA, and she will serve as the primary liaison between the Audit Committee and the ASHA Board.  The other three members of the ASHA Audit Committee are Kayce Bell, the Chief Operating Officer for the Alabama Credit Union in Tuscaloosa, Alabama; Chris Long-Schubert, a businesswoman from Knoxville, Tennessee;  and Tom Effermeyer, a Private Banker with PNC Wealth Management (PNC Bank)  from Chicago, IL.  Tandy Patrick, the President of ASHA, who is a corporate/business attorney, is an ex-officio member of the Committee.

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