5.2.2 Finance and Audit Committee

Section 5: Board Committees
5.2 Standing Committees and their Terms of Reference
5.2.2 Finance and Audit Committee

Date initially approved: April 12, 2006
Date revised: December 12, 2007; December 14, 2011; February 1, 2017
Date reviewed: September 22, 2025

1. Objective

The objective of the Finance and Audit Committee will be to assist the Board in fulfilling its fiduciary responsibilities in regard to overseeing of the financial reporting processes; internal control systems; and coordinating communication between the Board and the external auditors.

2. Composition of Committee

a) The Committee shall ordinarily consist of at least two Board members plus the following members:

i. The Chair of the Board
ii. The President of Campion College
iii. The Chair of the Corporation

b) The Executive Director Administration and Finance who shall serve as the Secretary to the Committee.
c) The Board shall designate one of the Board members of the Committee to be the Chair of the Committee.
d) The Committee may designate one of its members to be a Vice-Chair of the Committee. The Vice-Chair shall undertake and discharge all duties of the Chair in the absence of the Chair.

3. Duties and Responsibilities of the Committee

a) Review the annual consolidated financial statements and recommend their approval to the Board after discussing with management and the auditors:

• Compliance with generally accepted accounting principles
• Significant accounting judgments, unusual or complex items, accruals and estimates; recent professional pronouncements
• Significant variances in the financial statements compared to prior periods and budgets
• Observations on effectiveness of controls and any significant weaknesses or issues noted
• Any material errors detected by the audit, how they were resolved with management and whether they indicate a weakness in the reporting and control system

b) Review with management and approve the annual audit plan including:

• The scope of the audit, including areas of audit risk, timetable, deadlines, materiality limits and extent of internal control testing
• Annual fees.

c) Recommend to the Board the annual appointment of auditors (6.1.6.1 and 6.1.6.2).
d) Review on a quarterly basis the College’s financial statements and report highlights to the Board.
e) Review external audit management letters and management responses and monitor that – necessary corrective actions have been taken.
f) Review the annual budget, including assumptions, and recommend approval to the Board.
g) Other specific tasks as may be assigned by the Board from time to time (i.e. risk management, policy review)

4. Reporting to the Board

The Committee shall report to the Board with respect to its activities and decisions including:

• the approval of the annual financial statements of the College and attached related auditor’s reports;
• the receipt for review and information of the quarterly financial statements including information and explanation of material variations in revenue, expenditures of operating and capital budgets;
• information and recommendations with respect to issues that in the opinion of the Committee, may pose material risk to the College
• information from the Auditor on controls or related matters the Chair of the Committee or the Committee may consider prudent or necessary.
• new and / or amendments to Finance and Audit policies