The primary role of the Audit Committee is to assist the Board of Trustees in fulfilling its duties related to governance and oversight. The duties of the audit committee fall under the following key areas: the financial reporting process, internal control framework, risk management practices, performance and function of the Board’s internal and external auditors and the Board’s compliance with its obligations under legislation.
The Audit Committee is comprised of three Trustees and two independent members drawn from the community. The Committee meets at least three times a year, plus ad hoc meetings as required. Training and orientation will be provided to clarify roles and responsibilities of the audit committee for the school board sector.