The Audit Committee promotes an appropriate environment for the management of public funds and a high level of accountability. The Committee will assist Council in fulfilling its due diligence, fiduciary, financial reporting and audit responsibilities and to approve, monitor, evaluate and provide advice on matters affecting the external audit, internal audit, risk management and the financial reporting and accounting control policies and practices of The County.
The goals and purpose of the Audit Committee are to:
- Provide advice on the appointment of the external auditor.
- Review the annual audit planning report.
- Review the annual audited financial statements from the external auditor
and make recommendations.
- Receive an update from the external auditor on the annual audit findings report, annual financial statements and report as needed to Council.
- Monitor recommendations or findings brought to the attention of the Audit Committee by the external auditor through the audit findings report or otherwise.
- Review proposed changes to financial control and related policies, accounting control policies and practices.
- Review projects and provide advice to council on special projects assigned by Council.
- Obtain reasonable assurance on an annual basis, regarding the reliability and security of information technology (IT) systems and the systems of internal controls are properly designed and effectively implemented through discussions with and reports from management.
- Risk management.
- Oversight of the effective and efficient use of resources.
Review the Audit Committee Terms of Reference.
- Three (3) members of Council
- Three (3) public representatives who is financially literate and has the skills to serve as an effective Audit Committee member.
Members will be appointed on February 28, 2023.
The Audit Committee shall meet a minimum of three (3) times per year, and more frequently at the discretion of the Chair. Meetings shall be governed by The County’s Procedural By-law as may be amended from time to time.
If you have any questions about the Audit Committee, contact the Clerk’s Office at firstname.lastname@example.org or call 613.476.2148 ext. 1020.