Another question on "it's"

" its " is already a possesive pronoun. There is no " its' " for whatever reason, I guess.

As whl626 said, no apostrophe after "its" since it is already in possessive form.

What about " The board expects to meet their goals" ?

Sorry Maj. Try;
The board members expect to meet their goals

I think ' board ' or ' board members ' are acceptable since board means a group of people.

In that case 'The board expect to meet their goals'
But it still doesn't sound right to me.

Another similar term ' audience '

eg The audience give their standing ovation everytime when an onstage performance is fini

You are right its shows possession just like you said. The word it's is a contraction of it is. Putting a appostrophe at the end of the word will be incorrect.

Actually, according to websters dictionary its and it's are the possive form of it.

[Alteration of it's : it + -'s.]

Usage Note: Its is the possessive form of the pronoun it and is correctly written with or without an apostrophe. It should not be confused with the contraction it's (for it is or it has), which should always have an apostrophe.

Source: The American H

eg The audience give their standing ovation everytime when an onstage performance is finished.

this should be: The audience gives their......