Audit Committee

Composition & Operations

• The committee shall be composed of no fewer than four members of the board, all of which are either government appointed members or students. Membership may be increased at the discretion of the Board. 
• The committee shall be chaired by a member of the committee who has accounting designation or relevant financial management expertise as selected annually by the members of the committee. 
• The Board will also ratify the appointment of the Committee Chair.
• Selkirk College resource persons to the Committee shall consist of: president, vice president administration and finance, executive secretary to the vice president administration and finance, director of human resources, director of information technology, director of finance.
• The committee will meet at least twice per year. Additional meetings will be scheduled as necessary during annual approval of the financial statements.
• Extraordinary meetings may be held at the discretion of the committee chair following consultation with the board Chair.
• Members are requested to advise the committee of their inability to attend a meeting by contacting the office of the vice president administration and Finance as early as possible.
• The majority of members of the committee will constitute a quorum.
• Committee members will be expected to attend all meetings, including extraordinary meetings.
• The committee has the authority to call a meeting exclusively among its members.

Duties & Responsibilities

Recommendations will be made for board approval and/or delivery of reports to the board in the following areas:

• The audit tender process.
• The appointment of an auditing firm to the board.
• The evaluation of the need for an internal audit function.
• Reports from auditors (including audit management letters) and administration on internal control issues
• The annual audited FTE report.
• Meetings with the external auditors to ensure that: The college has implemented appropriate systems to identify, monitor and mitigate significant business risk.
• The appropriate systems of internal control, which ensure compliance with college policies and procedures, are in place and operating effectively.
• The college’s annual financial statements are fairly presented in all material respects in accordance with generally accepted Canadian accounting principles.
• Any matter that the external auditors wish to bring to the attention of the board has been given adequate attention.
• The external audit function has been effectively carried out.

Accountability

• The committee shall report discussions to the board by maintaining meeting minutes and providing reports.
• The committee has the jurisdiction and responsibility to hold meetings without management as appropriate.
• The chair will be responsible to communicate with the board chair regarding any issues that may arise.
• The board chair will be responsible for keeping the president informed accordingly.
• The committee will be responsible to decide whether a committee member or supporting administrator is in a conflict of interest situation, if necessary, request that that person leave the meeting for the respective agenda item.

Committee Timetable

• The committee will establish an annual calendar for activities which will be shared with the board.