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Audit Committee

Department

Finance

Authority

TBM 2016-307, MC 2016-0381

Remuneration

Level II

Purpose:

The purpose of the Audit Committee (the Committee) is to foster a positive and effective internal control environment by monitoring and reporting on matters related to financial reporting, proper management oversight, internal control and efficiency and effectiveness of Government programs. The Committee is to provide oversight and support to the internal audit function in their role, which is to provide independent and objective assurance and professional advisory services on government-wide risk management, governance and internal control processes.  The Committee will also provide support and oversight to the Public Accounts process. The Committee reports to Treasury Board.

The scope of the Committee would include core Government, i.e. Executive Branch. The Committee shall review financial reporting of Crown entities to the extent it relates to Committee oversight responsibilities for Public Accounts.

The Committee shall carry out the following responsibilities: 

  • Provide oversight, advice and support to the Office of the Comptroller General (OCG) in fulfilling its Government-wide audit, assurance and advisory services mandate;
  • Review and approve the annual internal audit plan brought forward by the Comptroller General as well as any changes to the plan;
  • Request OCG to complete special internal audit reviews regarding areas of specific concern to the Committee;
  • Review internal audit reports or summaries at the Committee’s discretion or as provided by the OCG and make recommendations to departments as required in respect of matters arising from those reports;
  • Review progress of departments in implementing recommendations of internal audit and the Auditor General;
  • Review briefings as prepared by the OCG on the Auditor General’s Annual Report and provide an update to Cabinet on same;
  • Review the proposed schedule as prepared by the OCG for completion of the Public Accounts and monitor its progress;
  • Review the Auditor General’s engagement letter and audit plan for the Public Accounts audit;
  • Review the Province’s Public Accounts with the Auditor General, Comptroller General and other senior management as determined by the Committee to discuss any significant audit findings identified through the course of the audit;
  • Review matters identified in the management letter and the related recommendations issued by the Auditor General arising from the audit of the Public Accounts. The Committee would provide support and advice to the Comptroller General on addressing the Auditor General’s recommendations relating to the internal controls in place for financial statement reporting, as well as other financial accounting matters identified;
  • Provide advice on accounting standards interpretation and implementation plans of Public Sector Accounting Standards affecting the Public Accounts documents; and
  • Review and provide advice on financial statement presentation and disclosure options within the Public Accounts that provide for the adequacy and completeness of financial disclosures on the Province’s fiscal position.

Structure:

The Committee is established via the Audit Committee Charter – October 2016 which was approved by Cabinet in December 2016.  The Committee consists of a maximum of eight (8) voting members: 

  • The Minister of Finance;
  • The Deputy Minister of Finance, who acts as the Chairperson; and
  • Up to six additional members to be appointed by the Minister of Finance.

 The Comptroller General acts as Secretary of the Committee but is not a voting member of the Committee.

The six additional committee members are to consist of a minimum of one (1), maximum of three (3) additional Committee members external to Government of Newfoundland Labrador and its entities.  External members are appointed by the Minister of Finance through a merit based competitive process overseen by the Public Service Commission.  

Competency Profile:

Audit Committee members should collectively possess the following core competencies: 

  • Understanding of the objectives of the Government’s policies, procedures, and significant current issues;
  • Understanding of the Executive Branch’s structure including key reporting relationships;
  • Understanding of the Executive Branch’s culture;
  • Understanding standard accounting and financial reporting processes, principles and standards;
  • Understanding of auditing standards reports; and
  • Knowledge of concepts for assessment and management of organizational risks.

All members must have knowledge of financial management practices and concepts.

 

Qualifications:

Members of the Audit Committee should possess the competencies outlined in the competency profile and the following qualifications: 

  • Knowledge and experience with financial management practices and concepts;
  • Knowledge and experience in dealing with internal and external audit issues and practices;
  • Knowledge of Public Sector Accounting Standards;
  • Knowledge and experience in risk management and assessment; and

Knowledge of Government operations and the Executive Branch’s structure.

Time Commitments:

Members of the Audit Committee should be available to meet at least four times a year or more often as required. Each member is expected to devote the time needed to prepare for and participate in each meeting by reading the reports and background materials provided for the meeting.

Term:

As specified in Section 3.1.3 of the Audit Committee Charter: 

3.1.3      Each external appointment will be set by the Minister of Finance for a maximum initial term of three years or less after which they may be eligible, for one additional three year term.  Terms of members should be staggered to ensure adequate continuity; therefore some terms may be less than three years. Reappointments of both internal and external members shall be at the discretion of the Minister of Finance.

Additional Information:

Members’ travel and other expenses associated with their duties as part of the Committee will be reimbursed by Government of Newfoundland Labrador in accordance with the Government policies.

Current Members:
NameTitleAppointment TypeAppointment Date (yyyy/mm/dd)Expiry Date (yyyy/mm/dd)
Coady, Ms. PeggyMemberMinisterial2017-05-042020-05-04
Faseruk, Mr. AlexMemberMinisterial2017-05-042020-05-04
Kidd, Ms. ElizabethMemberMinisterial2017-05-042020-05-04
King, Ms. TracyMemberMinisterial2017-05-042020-05-04
Pardy, Mr. JeffMemberMinisterial2017-05-042020-05-04
Sparkes, Ms. SharonMemberMinisterial2017-05-042020-05-04

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