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 management and reporting, risk management, internal controls, effectiveness of the internal audit function and accountability of public funds to Treasury Board. 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 and internal audit.
The Committee shall carry out the following responsibilities:
The Committee shall be comprised of the following members:
Internal committee membership will include:
One (1) Executive level position (i.e. Deputy Minister equivalent) from a Government Agency, Board and Commission or Government Business Enterprise.
Audit Committee members should collectively possess the following core competencies:
All members must have a strong knowledge of financial management practices and concepts. The Committee should collectively possess knowledge, skills and experience in:
Members of the Audit Committee should possess the competencies outlined in the competency profile and the following qualifications:
Members of the Audit Committee should be available to meet at least two 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.
As specified in Section 4.6 of the Audit Committee Charter:
4.6 Internal and external appointments will be set for a maximum term of three years after which they may be eligible, for one additional three-year term. Terms of members should be staggered to ensure adequate continuity; therefore terms may be less than three years. Reappointments of these members shall be at the discretion of the Board.