There is an Audit Committee in the Commission.

The Audit Committee consists of five members. The four voting members of the Audit Committee shall be appointed as follows: one commissioner who is a member of the Montgomery County Planning Board, appointed by the chair of the Planning Board; one commissioner who is a member of the Prince George’s County Planning Board, appointed by the chair of the Planning Board; one member of the public who is qualified in accordance with subsection (e) of this section, appointed by the Montgomery County Planning Board; and one member of the public who is qualified in accordance with subsection (e) of this section, appointed by the Prince George’s County Planning Board. The chair of the Commission shall serve as an ex officio nonvoting member of the Audit Committee who may vote only when there is a tie vote among the voting members. The term of a voting member of the Audit Committee is 2 years. The terms of the voting members of the Audit Committee are staggered as required by the terms provided for the Audit Committee on October 1, 2017. At the end of a term, a voting member continues to serve until a successor is appointed and qualifies. If a vacancy occurs after a term has begun, the appropriate planning board shall appoint a successor. A voting member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies. A member of the Audit Committee who is a member of the public shall possess: advanced education and experience in the management of governmental entities that are comparable to the Commission in scope and complexity; demonstrated knowledge and experience in the application of: generally accepted accounting principles; generally accepted government auditing standards; and internal control systems; and an understanding of the appropriate functions of an Audit Committee. A member of the Audit Committee who is a member of the public may possess demonstrated knowledge and experience in the application of: sustainable financial management practices for public entities; and public accountability. A member of the Audit Committee who is a member of the public may not have any other business or close personal relationships with the Commission or its officers, managers, or employees. Before appointing any member of the public to the Audit Committee, the appropriate planning board shall submit the name and qualifications of the proposed nominee for consideration by the county council of that county. On and after 30 days after a planning board notifies the appropriate county council of a prospective nominee to the Audit Committee under this paragraph, the proposed nominee shall be eligible for appointment to the Audit Committee unless the county council notifies the planning board in writing of an objection to the appointment and the basis for the objection. If the county council notifies the planning board of an objection to the appointment of a prospective nominee under this subsection, the planning board shall submit the name and qualifications of another prospective nominee for consideration. The Audit Committee shall elect a voting member who is also a commissioner as chair.

The Audit Committee shall select and appoint: the independent certified public accountant required to audit the Commission’s annual financial report under § 15–115(a)(2) of this title; and the Inspector General as provided in Subtitle 5 of this title.

Except as provided in subsection (b) of this section, the nonvoting member of the Audit Committee may vote on a decision of the Audit Committee in the event of a tie. The appointment of the Inspector General may be approved only through a majority of the voting members of the Audit Committee.

The Commission shall adopt regulations to ensure that the Audit Committee operates independently from the management of the Commission. The Commission may: adopt rules of procedure; and delegate other appropriate functions to the Audit Committee. The regulations adopted under this section may provide for a reasonable stipend to compensate only the members of the Audit Committee who are not also commissioners.