CHEFA supports the Compliance Internal Audit Function (CIAF) as an independent appraisal function to examine and evaluate CHEFA's activities as a service to management. The objectives of internal auditing are to support the Board of Directors in maintaining accountability by the management and staff; and assist members of the organization in the effective discharge of their responsibilities by furnishing them with analyses, recommendations, and information concerning the activities reviewed and by promoting effective controls and sound business practices.

Mission and Organization

The Compliance Internal Auditor reports directly to the Audit-Finance Committee of the Board of Directors and assists management in achieving CHEFA's goals by conducting independent and objective assurance and consulting activities. The Compliance Internal Auditor is also responsible for the development, review and modification of audit policies, procedures and goals for the conduct of audits.

Audit-Finance Committee

The Audit-Finance Committee (the "Committee") of the Board of Directors provides assistance to the Board in fulfilling its responsibilities to the Authority and the investment community with respect to its oversight of the following:

• The quality and integrity of CHEFA's accounting and reporting practices and controls, and the financial statements and reports.
• CHEFA's compliance with legal and regulatory requirements.
• The independent auditor's qualifications, independence and performance.
• The performance of CHEFA's compliance internal audit function.

The Committee also understands, discusses and approves CHEFA's risk assessment and the resulting annual audit plan prepared by the Compliance Internal Auditor.

The Committee is comprised of at least three members. Currently, the Committee is comprised of seven members. The members are appointed by the Board and they may be removed, with or without cause, by a majority vote of the Board. Unless a Chairperson is elected by the full Board, the members of the Committee may designate a chairperson by majority vote of the full Committee membership. The Committee generally meets at least four times annually.

Code of Ethics

The Compliance Internal Auditor has the responsibility to conduct himself with integrity, objectivity, confidentiality, and competency. Standards of professional behavior are based upon the Code of Ethics of the The Institute of Internal Auditors, the State Code of Ethics and CHEFA Code of Ethics.

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