6.1.6.1 Audit Policy
Section 6: Review and Assessment Functions
6.1 Finance
6.1.6.1 Audit Policy
Date initially approved: March 8, 2006
Date revised: October 8, 2008; December 14, 2011; March 21, 2018; February 6, 2019; February 9, 2026
Audit Policy
1. Purpose
The Campion Board of Regents (Board) is responsible for overseeing and directing all matters respecting the management, administration and control of the College’s property, revenues and financial affairs in a manner consistent with the mission of the College. To assist in discharging this responsibility, the Board retains the services of an external auditor to annually audit and express an opinion on the financial statements of “The Catholic College of Regina”. This policy outlines the role of the Finance and Audit Committee, the services to be provided by the external auditor, and appointment of the external auditor.
2. Role of the Finance/Audit Committee
The objective of the Finance and Audit Committee (Campion College Board of Regents Manual Section 5.2.2) is to assist the Board in fulfilling its fiduciary responsibilities including the appointment of external auditors, and coordination of communication between the Board and the external auditors. In discharging this responsibility the Finance/Audit Committee shall:
i. Review with management and approve the annual audit plan including scope, areas of audit risk, timetable, deadlines and materiality limits;
ii. Review the annual consolidated financial statements;
iii. Review external audit management letters and management responses, and monitor that necessary corrective actions have been taken;
iv. Review annual fees;
v. Evaluate the performance of the external auditor annually (Appendix A);
vi. Recommend to the Board of Regents the appointment of the auditor;
vii. Recommend to the Board of Regents the approval or rejection of the auditor’s report and consolidated financial statements; and
viii. Report information from the auditor on internal controls or related matters the Committee may consider prudent or necessary.
3. Services Required
The external auditor is engaged to provide the following services, in accordance with generally accepted auditing standards including:
i. Express an opinion on whether the financial statements present fairly in all material respects the financial position of the College, the results of its operations and its cash flows for the year;
ii. Provide a report containing supplementary information for consideration in the recommendation of the annual financial statements; and
iii. Provide a report directly to the Board of Regents on all matters that in the auditor’s judgment constitute a reportable matter.
4. Appointment of the External Auditor
The Finance and Audit Committee, as delegated by the Board of Regents, shall arrange for the selection and appointment of an independent external auditor. In consultation with the President and the Executive Director, Administration & Finance, approve the processes to be used for selection of the external auditor. These processes include the determination of the number of audit firms to be contacted, the method of requesting and evaluating proposals, and the timeframe to complete the process.
The appointment shall be for a three period, subject to a satisfactory annual performance evaluation and confirmation by the Board of Regents. If the Board is of the opinion that the performance of the auditor is acceptable, the Board may extend/re-negotiate the contract for a period not to exceed three years, per extension. If required, the College shall undertake a request for a proposal process for auditor services in accordance with section
6.1.6.2 of this manual.
