The mandate of the Audit Committee shall be in accordance with the duties and powers of an Audit Committee as outlined in O. Reg. 361/10 as follows:
Duties of an audit committee
(1) An audit committee of a board has the following duties related to the board’s financial reporting process:
1. To review with the director of education, a senior business official and the external auditor the board’s financial statements, with regard to the following:
i. Relevant accounting and reporting practices and issues.
ii. Complex or unusual financial and commercial transactions of the board.
iii. Material judgments and accounting estimates of the board.
iv. Any departures from the accounting principles published from time to time by the Canadian Institute of Chartered Accountants that are applicable to the board.
2. To review with the director of education, a senior business official and the external auditor, before the results of an annual external audit are submitted to the board,
i. the results of the annual external audit,
ii. any difficulties encountered in the course of the external auditor’s work, including any restrictions or limitations on the scope of the external auditor’s work or on the external auditor’s access to required information,
iii. any significant changes the external auditor made to the audit plan in response to issues that were identified during the audit, and
iv. any significant disagreements between the external auditor and the director of education or a senior business official and how those disagreements were resolved.
3. To review the board’s annual financial statements and consider whether they are complete, are consistent with any information known to the audit committee members and reflect accounting principles applicable to the board.
4. To recommend, if the audit committee considers it appropriate to do so, that the board approve the annual audited financial statements.