2.06.2 - Audit Committee (Standing 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.

• The Committee Chair will be the Treasurer.

• The Board Chair is entitled to vote and the Senior Staff Officer (SSO) 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.