ROLE
The role of the Audit and Internal Control Committee is to assist Municipal Council with its fiduciary responsibilities and financial oversight of the Municipality’s daily operations ensuring that the financial resources entrusted to the Municipality by its residents are spent appropriately according to the policies of Council and provide for public reporting and accountability.
MEMBERSHIP
Membership on the Committee shall include two elected representatives from the Region of Queens Municipality and three members of the public, duly appointed by Council annually pursuant to Section 44(1) of the Municipal Government Act. Members of the public appointed to this committee should have strong financial backgrounds and be able to comprehend complex financial and regulatory processes. We welcome individuals with diverse backgrounds and encourage interested persons to self-identify.
THE COMMITTEE WILL
- review the audited financial statements in depth with management and the auditor
- review any significant variance in comparison to prior year and / or budget
- review with management any changes in accounting principles and practices required to be followed by municipalities
- obtain and review the management and internal control letter
- obtain reasonable assurance that the municipality has implemented appropriate systems of internal controls
- review the Municipality’s investment portfolio and investment policy
- review and assess the Municipality’s banking services
- periodically review the adequacy of the Municipality’s insurance policy and coverages
