First Citizens Bancshares, Inc.
To assist Board of Directors in fulfilling its oversight responsibilities for financial reporting process, system of internal controls, and internal and external audit process, and the company's process for monitoring compliance with laws and regulations and the code of conduct.
Audit Committee has authority to conduct or authorize investigations into any matters within its scope of responsibility. It is empowered to:
Audit Committee will consist of at least three and no more than six members of Board of Directors. Board or its Nominating Committee will appoint Committee members and Committee chair. Each Committee member will be both independent and financially literate.
Committee will meet at least four times a year, with authority to convene additional meetings, as circumstances require. Committee members are expected to attend each meeting. Committee will invite members of management, auditors or others to attend meetings and provide pertinent information, as necessary. Committee will hold private meetings with auditors and have executive sessions. Meeting agendas will be prepared and provided in advance to members, along with appropriate briefing materials. Minutes will be prepared.
Committee will carry out the following responsibilities: