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Audit Committee

Terms of Reference

Type:
Standing Committee

Membership:
Two council members - one of whom  will be the committee chair
Three industry members appointed by the Chair (and ratified by Council)

Ex Officio Members:
Ex-officio members of the committee are the RECA Chair and Executive Director

Resources:
Director of Corporate Services

Mandate:
The Audit Committee will report to council as follows:

• Make recommendations for selection and approval by council of the external auditor on an annual basis
• Review the annual fee paid to the external auditor
• Review the annual audit plan as presented by the external auditor and the plans as they pertain to areas of high risk and control levels
• Review the annual audit results with the external auditor; examine any changes in accounting practices and policies
• Receive and review the management letter prepared by the external auditor and meet with the external auditor without the presence of RECA management or the ex officio members of the committee
• Review the annual financial statements and recommend approval to council

Term:
November 1st – October 31st; appointment of individuals to this Committee will be made by Council.