Audit & Finance Committee Meeting
The Audit & Finance Committee fulfills governance responsibilities related to the quality and integrity of financial reporting. This Committee assures fair presentation of the financial position and results of operations of the Chamber in accordance with Canadian generally accepted accounting principles, and ensures that appropriate systems and controls are maintained for the proper recording of transactions and protection of assets.
The Committee will:
- Review and recommend approval of the annual budget prepared by the staff.
- Regularly review financial results.
- Oversee the management of organization-wide financial assets.
- Oversee management’s establishment of an adequate system of internal controls and procedures and effective performance of those internal controls and procedures.
- A sub-committee called the Audit Committee will sit with the independent auditor annually to review the results of the last financial audit and the contents of the auditors prepared management letter.
- Ensure that the organization is operating at the highest level of financial transparency.