Finance and Audit Committee

Terms of Reference

April 2018

Type 
Standing Committee

Membership

  • Past Chair of Council
  • Chair Elect of Council
  • Three (3) members of Council
  • One (1) non-Council member with financial background and specific financial oversight competency

In the event the past chair is not serving on Council, the current chair of Council may appoint one (1) past chair of Council whose term expired within the last five (5) years

Quorum
Four members of the committee, one of whom must be the committee chair or vice-chair.

Ex Officio Members
Chair of Council (voting member)
Executive Director (non-voting member)

Resources
RECA Resources – The executive director will appoint one or more staff members to serve as staff resources to the committee.

Mandate
The mandate of this committee is to review, provide advice, and make recommendations to Council with respect to the following matters:

  • the financial, accounting and investment policies of the Real Estate Council of Alberta
  • the annual budget prepared by administration
  • the real estate assurance fund and use of surplus funds for purposes mandated by the Real Estate Act
  • 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 Council members to this committee will be made by the Chair of Council.

2017-2018 Finance Committee Members
  • Bonny Clarke, Chair
  • Christine Zwozdesky, Vice Chair
  • Bobbi Dawson
  • Amina Deiab
  • Stan Mills
  • Matthew Peron

Ex Officio

  • Brain Klingspon, RECA Chair
  • Bob Myroniuk, RECA Executive Director


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