Audit Committee Terms of Reference

1. Purpose/Product

1.1 Options for Council decision re: selection of financial auditor and liaison with auditor on behalf of Council.
1.2 An opinion for the Council semi-annually as to Registrar compliance with criteria specified in Executive Limitations policies on finance.
1.3 An opinion for the Council, based on evidence required of the external auditor, as to whether the independent audit of the organization was performed in an appropriate manner.
1.4 Current information for the Council on significant new developments in accounting principles or relevant rulings of regulatory bodies that affect the organization.
1.5 A self-monitoring report on the appropriateness of the Council’s own spending, based on criteria in the Council GP policy on Council expenses, including periodic random audit of the Council members’ expense accounts.
1.6 An annual report to Council highlighting the committee’s review of the audited financial statements and any other significant information arising from their discussions with the external auditor.
1.7 An annual recommendation to Council as to the amount of honoraria to be paid by the College in the following year.

2.  Authority

2.1 The Committee has no authority to change or contravene Council policies.
2.2 The Committee has authority to spend funds required for travel to meetings if meetings are required.  No authority to spend or commit other organization funds.
2.3 The Committee has authority to use staff resource time normal for administrative support around meetings.
2.4 The Committee does not have authority to instruct the Registrar or any other staff member, other than to request information required in the conduct of its duties.
2.5 The Committee has the authority to meet independently with the organization’s external auditors.

3.  Composition

3.1 The Committee shall be composed of:
a. The Ex Officio members (the President, the President Elect and, as a non-voting member, the Registrar
b. The Treasurer, and
c. Two other Council Members
d. A Public Representative who is a qualified accountant
3.2 The Treasurer shall serve as Committee Chairman

4.  Term of Office

4.1 Members shall be appointed for a 1 year term.