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