2019 BBNC Annual Report | Page 74

AUDIT COMMITTEE REPORT June 7, 2019 The Audit Committee of the Board of Directors of Bristol Bay Native Corporation (BBNC or Corporation) is responsible for providing independent, objective oversight of the Corporation’s accounting functions and internal controls over financial reporting (internal controls) in accordance with the charter of the audit committee. The audit committee is comprised of four (4) directors appointed by the chairman, board of directors. Management is responsible for the Corporation’s internal controls and financial reporting process. The independent auditors are responsible for performing an independent audit of the Corporation’s consolidated financial statements in accordance with auditing standards generally accepted in the United States of America and to issue a report thereon. The audit committee’s responsibility is to assist the board in monitoring and overseeing these processes. In connection with those responsibilities, the audit committee met with management and the independent auditors to review and discuss the March 31, 2019, consolidated financial statements. The audit committee also discussed with the independent auditors the following matters required by the AICPA Auditing Standards-Section 380, The Auditor’s Communications with those Charged with Governance: • The independent auditors’ responsibilities with regard to the financial statement audit. • Planned scope and timing of the audit. • The independent auditors’ concurrence with the qualitative aspects of the Corporation’s significant accounting practices, including accounting policies, accounting estimates, and financial statement disclosures. • No identified audit adjustments recorded and no audit adjustments proposed but not recorded. • No disagreements with management that would cause a modification of auditors’ report. • No consultation with other independent accountants. • Other information in documents containing audited financial statements. • The relationship between the independent auditors and the Corporation that may bear on the auditors’ independence. Based upon the audit committee’s discussion with management and the independent auditors, and the audit committee’s review of the representation of management and the independent auditors, the audit committee recommended that the board of directors accept and include the audited consolidated financial statements in the Corporation’s Annual Report to Shareholders for the year ended March 31, 2019. Everette Anderson AUDIT COMMITTEE CHAIR Other Audit Committee members: KARL HILL HAZEL NELSON KIMBERLY WILLIAMS 72 BBNC FY2019 ANNUAL REPORT