The Audit Committee is a standing committee of Council which provides oversight of the annual audited financial statements, internal controls, and the external auditors.
1. Audited Financial Statements
The Audit Committee will:
- review and recommend for approval the annual audited financial statements;
- review the appropriateness and validity of fundamental assumptions and estimates and report exceptions to Council;
- review and recommend for approval any changes to existing accounting policies or transactions that impact the financial statements in a significant manner;
- review the evaluation of the system of internal controls, procedures, and documentation and report exceptions to Council;
- review the status of outstanding litigation; and
- review the Management Letter containing any findings or recommendations, including management’s response and subsequent follow-up.
2. External Audit
The external auditor is accountable to Council and the Audit Committee. The Audit Committee will:
- review the appointment of the external auditor; assessing performance and recommending appointment or reappointment of the external auditor;
- receive assurance from the external auditor on the independence of the external auditor;
- review the plans and conduct of the annual external audit, including, but not limited to:
ii) procedures to review the internal controls and management estimates;
iii) materiality limit;
iv) areas of financial risk identified by the auditor; and
v) proposed fees.
On an annual basis, the Audit Committee will:
- review the terms of reference for the Audit Committee;
- review policies relevant to the Audit Committee’s functional responsibility;
- review the need for an internal audit function; and
- provide input to the Chief Administrative Officer on the performance of the Director, Financial Services.
Membership and Quorum
The Mayor and all Councillors are members of the Committee. The Mayor is Chairperson. A quorum shall be four members of the Committee.
Isabel Gordon, Director of Financial Services
Leah Arthur, Committee Clerk