Audit Committee

The purpose of the Committee is to assist the Members in fulfilling their responsibilities of oversight and supervision of:
  • the quality and integrity of the financial statements of the Corporation,
  • the compliance by the Corporation with legal and regulatory requirements in respect of financial disclosure and reporting,
  • the adequacy of the internal accounting controls and procedures of the Corporation, and
  • the qualifications, independence and performance of the independent auditor of the Corporation.
The Committee shall:
  • Establish and conduct the process for selecting the independent auditor of the Corporation.
  • Make a recommendation to the Members concerning any selection or replacement of the independent auditor of the Corporation.
  • Review, evaluate and document the independence of the external auditor.
  • Review, and advise the Members on, the terms of the proposed service agreement or audit engagement letter between the Corporation and its independent auditor.
  • Review the audit plan with the independent auditor and recommend its approval to the Members.
  • Oversee completion of the approved audit plan and review the performance of the independent auditor.
  • Review the annual audited financial statements of the Corporation before they are approved by the Members.
  • Discuss accounting principles with independent auditor with a view to maintaining the highest standards of accounting practices for the Corporation.
  • Ensure that appropriate internal control procedures are in place.
  • Meet with management of the Corporation to discuss the effectiveness of the internal control procedures established for the Corporation.
  • Periodically review expenses charged by Members and staff to ensure consistent application of applicable corporate policies and internal controls.
  • Annually review the draft Corporation operating budget for the next year with staff, prior to the budget being referred to the Corporation for approval.
  • For so long as any funding agreement or similar agreement with a governmental authority or other funding body is in effect between the Corporation and any such governmental or funding body,  review any financial reports which must be submitted thereunder.
  • Review the investments and transactions that could adversely affect the well-being of the Corporation that the auditor or any Member or officer of the Corporation brings to the attention of the Committee.
  • Create and periodically review policies related to loaning of computer hardware to any Member of the Corporation.
  • Identify, monitor and report on financial risks faced by the Corporation.