Members(as of听 Oct 9, 2024) |
End of Term |
| Ms. Maryse Bertrand, Chair, Board of Governors, ex officio | 听 |
| Prof. Deep Saini,听President and Vice-Chancellor, ex officio | 听 |
| Mr. Gino Cordi | [06/30/2026] |
| Mr. Alan Desnoyers | [06/30/2027] |
| Mr. R茅al Laporte | [06/30/2027] |
| Ms. Maarika Paul, Chair听 | [06/30/2028] |
| Ms. Samira Sakhia | [06/30/2027] |
Senior Steward
Professor Fabrice Labeau, Vice-President (Administration and Finance), Senior Steward
Terms of Reference Audit and Risk Committee
Enacting provisions
The Audit and Risk Committee (鈥淐ommittee鈥�) is established under the authority of, and is accountable to, the Board of Governors (the 鈥淏oard鈥�) of 平特五不中 (the 鈥淯niversity鈥�). It shall function as stipulated in these terms of reference and the Regulations of the Committees of the Board of Governors of 平特五不中 (the 鈥淩egulations鈥�). In accordance with the Regulations, meetings of Board Committees shall be held in closed session unless the Committee resolves to carry out a meeting or part of a meeting in open session.听
1. 听 Composition
a. Other than ex-officio members, appointments to the Committee are approved by the Board, normally on the recommendation of the Nominating, Governance and Ethics Committee.
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i.听听听听听听听 The Committee shall consist of three to five members, exclusive of ex officio members, selected, as indicated below, from among the following membership categories:
路听听听听听听听听 Members of the general public (at least one);
路听听听听听听听听 At-large members of the Board (at least one);
路听听听听听听听听 Alumni Association members of the Board;
路听听听听听听听听 Governors Emeriti.
ii.听听听听听 Members shall be appointed on the basis of their independence from the University. Committee members must be financially literate. Expertise and experience in accounting, law, or business administration will be relevant criteria for appointment to this Committee.听 At least one member of the Committee shall be a member of one of the professional orders of accountants governed by the Professional Code (chapter C-26).
iii. University students, employees, and individuals holding a personal services contract with the University, except for the President, are not eligible for appointment to this Committee.
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c. The Chair of the Board and the President shall serve as ex officio members of the Committee.
d. The Chair of the Committee shall be appointed by the Board, normally on the recommendation of the Nominating, Governance and Ethics Committee.
e. The Committee may recommend the appointment of a Vice-Chair of the Committee, who shall be appointed by the Board, normally听on the recommendation of the Nominating, Governance and Ethics Committee.
f. The Vice-President (Administration and Finance) shall serve as the Senior Steward to the Committee.
g. The Secretary-General or delegate shall serve as Secretary and governance advisor to the Committee.
h. Where necessary or appropriate to facilitate and support the business of the Committee, the Senior Steward or Secretary may invite University staff to serve as resource persons for particular items of business.
2. 听 Mandate of the Committee
The Committee assists the Board in fulfilling its governance responsibilities with respect to:
2.1听听听听听听 annual external audit;
2.2听听听听听听 quarterly and annual financial statements;
2.3听听听听听听 other external audit activities and services as may be appropriate from time to time;
2.4听听听听听听 financial systems and controls;
2.5听听听听听听 internal audit function; and
2.6听听听听听听 risk management systems and mechanisms.
The Committee may consider other matters referred to it by the Board, the external or internal auditors, the President , the Provost, any Vice-President, or the Secretary-General.听
Without limiting the generality of the foregoing, the Committee shall听 perform functions delegated by the Board and functions subject to the authority of the Board, as follows:
2.1 Annual External Audit
2.1.1 Functions delegated by the Board of Governors
a. 听 review the scope of the annual audit of the University鈥檚 financial statements and the proposed audit procedures to be performed by the external auditor which, unless otherwise mandated, shall be in accordance with Generally Accepted Accounting Principles (鈥淕AAP鈥�), and approve the annual audit plan;
听 听 听 听 听 听 听 听 听b. 听 approve the fees for the external audit of the University鈥檚 financial statements;
c.听听 review the results of the annual audit and any material observations or other matters from the external auditors requiring communication to the Committee;
d. 听 at the meeting where the annual audit is considered:
i. 听听 hold a private meeting with the external auditors without the presence of members of the administration, to discuss, among other items, the external auditors鈥� evaluation of the University鈥檚 financial and accounting systems and personnel and the cooperation that the external auditors received during the course of the audit;
ii. 听 hold a private meeting with members of the administration without the presence of the external auditors, to discuss, among other items, the administration鈥檚 experience of working with the external auditors, and any other matter raised by the Committee;
iii.听听听 ensure that there is a good working relationship between the University and the external auditors and that there are no unresolved issues between them;
e. 听 assess the effectiveness of the work performed by the external auditors, obtain assurances that the external auditors have complied with their obligations and report thereon at least annually to the Board;
f. 听听 discuss with the external auditors their independence from management and the University (including identification of all relationships between the external auditors and the University), consider whether the provision of any non-audit services by the external auditors is compatible with the external auditors鈥� independence, and if determined by the Committee, recommend that the Board take action to ensure the independence of the external auditors;
2.1.2听听听听听听听 Functions subject to the authority of the Board of Governors
a.听听听听听听听听 recommend to the Board the appointment of external auditors to conduct the annual audit of financial statements.
2.2听 Quarterly and Annual Financial Statements
2.2.1听听听 Functions delegated by the Board of Governors
a.听听听听听听 review the quarterly financial statements after the second and third quarters;
b.听听听听听 review the audited annual financial statements together with the report thereon, any associated reports, audit opinion letter, schedule of unadjusted audit differences, or any other documentation provided by the external auditors or senior administration;
2.2.2听听听听听听听 Functions subject to the authority of the Board of Governors
a. 听听 recommend to the Board the approval of the annual audited financial statements, the auditor鈥檚 report and such other matters as the Committee may consider appropriate;
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2.3听 Other External Audit Activities and Services
2.3.1 Functions delegated by the Board of Governors
a.听听听听听听 where it deems necessary and after consultation with senior administration, approve the engagement of:
i. 听听 an external audit firm to perform specialized services other than the auditing of financial statements within the Committee鈥檚 authority as established by the Policy on the Approval of Contracts and Designation of Signing Authority;
ii. 听 specialized independent advisors.
2.4听听听听听 Financial Systems and Controls
2.4.1听听听 Functions delegated by the Board of Governors
a.听听听听听听 initiate and receive regular and special reports on financial systems and controls;
b.听听听听听 review with the Vice-President (Administration and Finance) the financial systems and controls relating to the safeguarding of the University鈥檚 assets and operations to ensure that they are appropriate and effective;
c.听听听听听听 monitor compliance with applicable legislation and external regulatory frameworks;
d.听听听听听 make recommendations to the senior administration on operational matters related to financial systems and controls;
e.听听听听听听 monitor the framework and specific policies and procedures for the reimbursement of expenses of the University鈥檚 senior administrative officers;
f.听 听 听 听monitor the review of the Policy on the Approval of Contracts and Designation of Signing Authority, and receive reports at least annually regarding all contracts, agreements and settlements where the value of such contract, agreement or settlement surpasses the value limit established by the Policy on the Approval of Contracts and Designation of Signing Authority for the senior administration and where the contract, agreement or settlement has not previously been reviewed and approved by a Board Committee or by the Board as defined by the Policy on the Designation of Contracts and Signing Authority;
The reports will regard, but not be limited to, purchasing contracts, technology contracts, loan contracts, research grants, research agreements, service agreements, commercialization contracts, institutional affiliation agreements, academic program and project agreements, contracts relating to the hiring of consultants, advertising and publicity contracts, naming agreements and settlements and transaction agreements.
2.4.2听听听听听听听 Functions subject to the authority of the Board of Governors
a.听听 regularly review and recommend to the Board revisions to the Policy on the Approval of Contracts and Designation of Signing Authority;
b.听听 make recommendations to the Board on other policy matters related to financial systems and controls.
2.5听听听听听 Internal Audit Function
2.5.1 Functions delegated by the Board of Governors
a.听听听听听听 review and approve the annual internal audit objectives, plans and priorities;
b. 听 receive internal audit reports and consider recommendations as appropriate;
c. 听 review and monitor compliance with the recommendations set out in the reports of the internal auditor; recommend further action, if appropriate, to address concerns identified by the internal auditor;
d. 听 review the overall effectiveness of internal audit functions, including the quality of the working relationships between the internal auditors and the University;
e.听听听听听听 review any activity likely to be detrimental to the institution鈥檚 financial health, such as fraud, that is brought to the Committee鈥檚 attention by the internal auditor or another person.
f.听听听 submit to the Board annually a report summarizing internal audit functions and activities;
g.听听 review and approve the Internal Audit Charter and revisions, as appropriate;
h.听 听review the appointment, reappointment or dismissal of the Executive Director, Internal Audit, and his or her annual performance assessment by way of a consultation between the Chair of the Committee and the Vice-President (Administration and Finance).
2.6听听听听听 Risk Management Systems and Mechanisms
2.6.1 听听 Functions delegated by the Board of Governors
a.听听听听听听 receive and review regular and special reports on risk management, namely the Enterprise Risk Management program and its implementation;
b.听听听听听听 review the insurance coverage of the University to ensure that all risks are addressed adequately and appropriately;
c.听听听听听 annually review with the University鈥檚 General Counsel or outside counsel, litigation or other legal matters that may have a material impact on the finances or well-being of the University;
d.听听听听听听 review the potential risk of fraud and any other activity likely to be detrimental to the institution鈥檚 financial health that is brought to its attention by the senior administration or another person.
2.6.2听听听听听听听 Functions subject to the authority of the Board of Governors
a.听听听听听听 recommend to the Board modifications to the University Enterprise Risk Management program and related policies and frameworks;
b.听听听听听 review and make recommendations to the Board of Governors with respect to matters that, in the opinion of the Committee, may pose material risk to the University;
c.听听听听听听 consider and make recommendations to the Board, as appropriate, on any matters identified by the Committee, the Board, the external or internal auditors, the President , the Provost, a Vice-President or Secretary-General that may pose a significant risk to the University.
3. 听 General provisions
- The Committee shall meet at least three times during the year. The Committee shall have a calendar of business, maintained by the Secretary-General or delegate, for the purpose of ensuring that each meeting agenda addresses responsibilities as outlined in these terms of reference.
- The Committee shall report to the Board on a regular basis, and within a reasonable time following a Committee meeting.听
- The Committee shall review its terms of reference at least once every five years and recommend any changes to the Board鈥檚 Nominating, Governance and Ethics Committee.
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Last Revised - Approved by the Executive Committee on March 26, 2020
Final - Approved by the Executive Committee on September 24, 2007
Revised 鈥� Approved by the Executive Committee on March 17, 2008
Revised 鈥� Approved by the Executive Committee on January 25, 2010
Revised 鈥� Approved by the Board of Governors on November 29, 2011
Last Revised - Approved by the Board of Governors on May 16, 2016
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