Audit Committee

BOARD OF GOVERNORS

MANDATE AND FUNCTIONS OF THE AUDIT COMMITTEE¹

The Audit Committee shall be charged with reviewing the University’s financial statements with its external auditors and with overseeing internal financial control and risk management processes.

The Audit Committee shall include members with accounting or financial expertise.  At least one committee member must be a member of one of the professional orders of accountants.

The Audit Committee shall notify the Board of Governors in writing on discovering operations or management practices that are unsound or do not comply with applicable laws or regulations or with the policies of the University.  The functions of the audit committee include:

• approving the annual internal audit plan;
• ensuring that a plan for the optimal utilization of the University's resources is put in place, and following up on that plan;
• ensuring that internal control mechanisms are put in place, and ensuring they are appropriate and effective;
• ensuring that the necessary follow-ups are carried out with the external auditors;
• ensuring that a risk management process for the conduct of the University's affairs is put in place and followed;
• reviewing any activity likely to be detrimental to the University's financial health that is brought to its attention by the internal auditor or another person;
• ensuring the quality of the annual financial statements;
• examining the financial statements with an external auditor appointed by the Board of Governors;
• recommending the approval of the financial statements by the Board; and
• preparing and publishing a yearly report on the discharge of its mandate and on the optimal resource utilization plan. 

COMPOSITION AND PROPOSED MEMBERSHIP OF THE AUDIT COMMITTEE²

The Audit Committee is composed of:  

• three External Governors, at least one of whom is a member of one of the professional orders of accountants;  
• the Chair of the Board of Governors;  and
• the Principal and Vice-Chancellor.  

The Vice-Principal Academic and the Vice-Principal Finance and Administration attend meetings in a non-voting capacity.

¹ As set out in s. 3.2.2 of Division I and s. 1.5 of Division IV of the Statutes

² As set out in s. 1.6 of Division I the Statutes