The Audit Committee serves as a working and consultative committee whose purpose is to assist the commissioners in seeing to the establishment of internal control mechanisms, the optimal use of the School Board’s resources and to act on behalf of Council in overseeing all material aspects of financial reporting, internal controls, the Internal Audit function and the audit of the annual financial statements.
The mandate of the committee is to:
- Review the annual External Auditors’ “Report to the Audit Committee”
- Review the summarized annual Financial Statements prior to publication
- Review the internal control observations made by the external auditor
- Follow up on the internal control observations
- Review the Internal Audit Department’s Report of non-compliance areas
- Review the Internal Audit Department’s Report on the audit plan
- Make recommendations for external auditing services
- Review the External Auditors’ audit plan
- Perform additional tasks as may be delegated to the Committee by the Council of Commissioners.