About the
Committee Action Plan
Who We Are
The Audit Committee is an integral part of the accountability and governance
of the Society. It plays a key role assisting the Board of Directors in carrying
out its legal and fiduciary responsibilities, particularly with regard to the
integrity of the Society’s financial information and internal control.
What We Do
The Audit Committee undertakes various activities in order to meet its
objectives. These activities include:
- Approval of the overall scope of the audit to be conducted by the external
auditors
- Assisting in ensuring that the audit is conducted in a cost-effective,
timely manner
- Reviewing the Society’s financial statements and recommending to the Board
of Directors the approval of those financial statements
- Reviewing management commentary letters issued by the external auditors
and overseeing management’s implementation of recommendations
- Overseeing the Society’s internal control with regard to financial
reporting
- Recommending to the Board of Directors the appointment of the external
auditor
- Reviewing any non-audit services provided by the external auditor to
ensure that these services would not impair the external auditor’s
independence
Who Should Join
Committee members should have significant financial accounting experience and
should be independent of management and the external auditors.