Bishop’s University

    Finance and Audit Committee

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    The Finance and Audit Committee shall be charged with ensuring that the financial information provided to the Board of Governors is comprehensive, comprehensible, accurate and timely, as well as reviewing the University’s financial statements with its external auditors and with overseeing internal financial control and risk management processes.

    The Finance and 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 Finance and 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 Finance and Audit Committee include:

    • approving the external audit plan;
    • examining and recommending the approval of the annual audited financial statements and the Quebec government financial report (SIFU) with an external auditor appointed by the Board of Governors;
    • recommending the appointment of the external auditor to the Board of Governors;
    • annual monitoring of the risk management assessment conducted by the University;
    • recommending the approval of the annual operating budget, tenure-stream positions, capital projects and cash flow budgets or any other financial reports requiring the Board of Governors approval;
    • periodic examination of the projected annual results in comparison to the operating budget, and reporting significant risks or discrepancies to the Board, as necessary;
    • monitoring the long-term financial stability and sustainability plan of the University, and;
    • reviewing the financial policies and financing strategies of the University.

    The Finance and Audit Committee is composed of:

    • two (2) External Governors, at least one of whom is a member of one of the professional orders of accountants;
    • two (2) Internal Governors who are members of the faculty;
    • the (1) staff member who is a member of the Board of Governors;
    • the Chair of the Board of Governors; and
    • the Principal and Vice-Chancellor.

    The Vice-Principal Finance and Administration, the Vice-Principal Academic and the Manager of Financial Services shall attend meetings of the Finance and Audit Committee in a non-voting capacity.

    Members 2022-2023

    External Governors (2):Michel Marleau, C.A. (Chair)
    Murielle Lortie, C.A.
    Internal Governors – Members of faculty (2):Heather McKeen-Edwards
    Calin Valsan
    Internal Governor – Staff member (1):Samia Mihoub
    Ex officio members:Robert Hall
    Michael Goldbloom
    Resource persons:Isabelle Goyette
    Andrea Roberts
    Andrew Webster