Audit Committee

Role

The Audit Committee assists the Board in fulfilling its legal and fiduciary obligations with respect to the annual audited financial statements, risk management and control, internal audit of the effectiveness, efficiency and economy of the University’s operations, compliance with legal and statutory obligations, and ethics and values;

Terms of Reference

Powers and functions

The Audit Committee assists the Board in fulfilling its legal and fiduciary obligations with respect to the University’ annual audited consolidated financial statements and  pension plans, risk management, the effectiveness and efficiency of internal processes, compliance with legal and statutory obligations, and ethics and values. More specifically, the Audit Committee shall have the power to,
    
(a)    annually recommend to the Board for approval, the appointment of an auditor qualified under the Public Accounting Act, 2004 to conduct an audit for the then current fiscal year of the University (as referred to in section 19.1 of this By-law) and independent of the University, its Board Members and Officers, to hold office until the close of the University’s fiscal year or until a successor auditor is appointed;

(b)    annually recommend to the Board for approval, the appointment of an auditor qualified under the Public Accounting Act, 2004 and independent from the University, its Board Members and Officers, to conduct an audit for the then current fiscal year of the University pension plans;

(c)    establish the remuneration of the independent auditor referred to in subparagraph 11.1 (a) and (b) of this By-law;

(d)    annually review and recommend to the Board for approval, the annual auditor’s report, issued by the independent auditor appointed pursuant to subparagraphs 11.1 (a) and (b) of this By-law and the annual audited financial statements and related financial reports of the University for the year ending April 30th and of the University pension plans for the fiscal year ending December 31st.
 
(e)    recommend to the Board for approval, the removal of the appointment of the independent auditor referred to in subparagraphs 11.1 (a) and (b) and the appointment of a successor auditor to fill a vacancy created by the removal of the auditor or of the auditor ceasing to hold that position to act for the unexpired term of the successor auditor’s predecessor;

(f)    review and approve, the annual audited financial statements and related financial reports issued in respect of University faculties, services or units;

(g)    oversee the University’s internal audit function; approve internal audit plans and budget; review and approve internal audit reports and oversee management’s responses to such reports;

(h)    oversee, the University’s enterprise risk management framework processes and review and recommend for approval by the Board, reports on the University’s enterprise risks;

(i)    oversee the University’s internal controls framework processes and review and recommend for approval by the Board, reports on the University’s internal controls;

(j)    oversee and recommend to the Board for approval, policies and processes for reporting and investigation of incidents of fraud.

Membership

(a)    The Audit Committee shall consist of at least five (5) Board Members, who are not members of the Finance and Treasury Committee.  

(b)    The Chair, the Vice-Chair of the Board and individuals who are members of the Finance and Treasury Committee are not eligible to be a member of the Audit Committee. Only those Board Members who are not employed by the University and are appointed under subparagraphs 2.2 (b) (i), 2.2 (c), 2.2 (e) and 2.2 (f) of this By-law shall be eligible to be a member of the Audit Committee.

(c)    All members of the Audit Committee shall have financial literary and knowledge of generally accepted accounting principles and practices and at least one member of the Audit Committee shall have financial expertise and hold a recognized accounting designation.

Frequency of meetings

The Committee shall meet with sufficient frequency within a year in order to fulfill its responsibilities.

Members

Chair

Deanna Monaghan
Board of Governors Member
End of mandate: 2022-06-30

Members

Jennifer Adams
Board of Governors Member
End of mandate: 2021-06-30

Jennifer Hendricks
Board of Governors Member
End of Mandate: 2022-06-30

Anna Keller
Board of Governors Member
End of mandate: 2021-06-30

Joanne Lefebvre
Board of Governors Member
End of mandate: 2022-06-30

Tony Malaty
Board of Governors Member
End of mandate: 2021-06-30

Resources

Anne Bauer
Chief of Staff
Office of the Secretary-General
Non member

Zainab Karouni
Governance Officer
Office of the Secretary-General
Non Member

 

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