The Audit and Finance Committee which meets about eight times each year is responsible for consideration of policy and for monitoring matters affecting the financial and business affairs of the College. The Committee approves significant transactions, or recommends them for approval to the Board. While the Administrative and Academic Committee sets priorities and resource allocation through the development of long-term and short-term plans and budgets, the focus of the Audit and Finance Committee in financial matters is financial sustainability, fiscal prudence, value for money, management of risks and accountability measures.
The Audit and Finance Committee reviews and assesses recommendations and reports on the finances, financial controls and risk exposures of the College. Where appropriate, it gives advice to the College’s Chief Financial Officer or to the President or makes recommendations to the Board of Governors. The Committee’s function includes review of financial reporting, internal controls, safeguarding of the College's assets and general risk exposure, including compliance with applicable legislation. The Committee monitors audits and ensures that the auditors' recommendations are given due consideration.
With a majority of independent Board members, the Audit and Finance Committee is responsible for those policy matters in which College staff have a potential conflict of interest, such as setting of fees, remuneration, benefits and other terms of non-academic conditions of employment.
The Audit & Finance Committee's Terms of Reference set our further detail.
The Audit and Finance Committee membership consists of the Chief Financial Officer and the following other members appointed by the Board of Governors for one year terms ending July 15th.
Mr. Matthew Tibbetts, Board representative (Ministry of Finance)
Ms. Kristen Ford, Manager, People & Culture (Staff member)
Mr. Ansel Tempral, Chief Financial Officer Consultant
Recording Secretary: Ms Kristen Ford