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(1) The audit committee will consist of four members as follows:
(a) The Mayor;
(b) Three Councillors (two-year terms, staggered);
(2) The City Manager and the Director of Corporate Services are non-voting members of the committee.
(3) The committee may call on non-voting external resources as required.
(4) A quorum of the committee is two members.
(5) The voting Members may meet privately with the City’s External Auditor at the request of the External Auditor or the Chairperson.
(6) The committee will:
(a) recommend to Council the people who should be appointed as External Auditors.
(b) review the following with Management and the External Auditors:
(i) Audit Plan
(ii) Additional areas of concern, if applicable
(iii) Audit Fee Review
(iv) Engagement Letter
(c) review the following reports from the External Auditor:
(i) Audit Report
(ii) Management Letter
(iii) Management’s Response to Management Letter
(d) review the Annual Financial Reports prior to submission to City Council such as:
(i) Financial Statements
(ii) Significant Operating and Capital Budget Variances
(iii) Reserve Report
(iv) Financial Information Report
(e) review reports from the City Manager and/or Director of Corporate Services such as:
(i) Annual Audit Plan Review
(ii) Audit Report(s)
(iii) Financial Matters
(iv) Review of Internal Controls
(v) Risk Management Issues
(f) prepare reports and make recommendations to Council on the preceding items as required. Audit Committee Agendas and Minutes are confidential documents, for decisions made by the Audit Committee please visit the Council Minutes.
For complete terms of reference please visit the Committees Bylaw 3478/2012.
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