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3.03.2 - Audit Committee

 

 

Mandate 

 

  • Ensure that the annual audit is conducted in an efficient, cost-effective and objective manner

  • Review and recommend to the Board approval of the annual financial statements, including the selection of appropriate accounting policies and practices

  • Recommend the appointment of, and the appropriate fee for, the Society’s external auditor (the “auditor”)

 

Membership

 

  • Membership of the Committee will be determined by the Committee’s Chair in discussion with the Executive Committee.

  • A Committee Chair is to be appointed by the Board’s Executive Committee but cannot be the Treasurer of the Society.

  • The Board Chair is entitled to vote and the Executive Director (ED) is an ex-officio member without voting rights, and is not counted for the purpose of establishing a quorum

 

Meetings

 

Committees shall meet at mutually agreed times as required at the call of the Chair. A simple majority of committee members constitutes quorum for the Committee.

 

Authority and Accountability

 

The Committee is a Board Committee of CRCPS and the Chair will be a Board Member (unless approved otherwise by the Board).  This committee will report its recommendations to the Board.

 

Term

 

Committee members have a term of office of two years (renewable) as appointed by the Board.