| Audit Comittee |
ALGONQUIN
COLLEGE
BOARD OF GOVERNORS
AUDIT COMMITTEE: TERMS OF REFERENCE
The Audit Committee, a standing committee of the Board of Governors, was established by resolution of the Board, to assist the governors in connection with all matters that may be properly referred to it by the Board of Governors (reference article 15 of By-law no. 1 of the Board of Governors).
| MEMBERSHIP |
1. The Audit Committee shall be composed of five members of
the Board of Governors: four external members, and the Chair of the Board. The President of the College shall be a non-voting member of the Audit Committee.
|
| TERM OF |
2. Each member shall be appointed by the Board for a APPOINTMENT term of one year, and such term may be extended for one year at a time while the Audit Committee member continues as a Governor of the College.
|
| CHAIR |
3. The Nominating Committee of the Board of Governors will bring forward an annual recommendation for the Chair of the Audit Committee.
|
| VACANCY |
4. The Board shall fill a vacancy on the Audit Committee by appointing a new external member to the Committee.
|
| MEETINGS |
5. Meetings shall be held in camera (reference Board of Governors Policy A.6 "In Camera Meetings").
|
| FREQUENCY OF MEETING |
6. The Audit Committee shall meet a least once each year or
more often as is deemed necessary.
|
| CALLING MEETINGS |
7. The external auditor or any member of the Audit Committee
may call a meeting of the Committee to consider any matter he or she believes should be brought to the attention of the Committee or the Board.
|
| AUDITOR'S ATTENDANCE |
8. The external auditor has the right to appear before and be
heard at any meeting of the Audit Committee and shall appear before the Audit Committee when required to do so by the Committee.
|
| |
9. The Audit Committee shall ensure that the financial statements of Algonquin College are prepared in accordance with generally accepted accounting principles and generally accepted auditing standards.
|
| |
10. The Audit Committee shall review the financial statements of Algonquin College before they are presented to the Board for approval.
|
| |
11. The Audit Committee shall have the right to make inquiries and call upon such corporate officers of the College as the Committee deems necessary.
|
| |
12. The Audit Committee shall recommend to the Board the appointment of the auditor.
|
| |
13. The Audit Committee shall review the management letter as presented to Algonquin College each year by the auditor.
|
| |
14. The Audit Committee shall review and report on such other matters as may be assigned by the Board.
|
Approved by the Board of Governors October 14, 2003
Page maintained by Brenda McCutcheon
|
|
