Audit Committee

The Finance Committee minutes of August 1989 record that the Audit Committee is to meet and discuss the financial statements with, among others, the Vice-Chancellor. The terms of reference as adopted by the September meeting of the Finance Committee include the Vice-Chancellor as a member of the Committee. In recognition of the adopted structure, the reporting line should be to the Finance Committee.

Terms of Reference:

Composition

The Committee shall be small, having four or five members appointed by the Finance Committee. To maintain the independence crucial to its effective functioning, it should have a majority of non-executive members. The Membership should be: Chairman of the Finance Committee, Vice-Chancellor and Principal, Deputy Principal & Bursar, two members of the Finance Committee.

Responsibilities & Functions

Broadly, the scope of the Committee's functions will include: 

review of the annual financial statements; evaluation of the standards of the internal control and financial reporting within the University; and external and internal audit matters. (While part of the function involves internal audit's line responsibility to management).

The responsibilities of the Committee are to:

1) review the annual financial statements with the external auditors during the process leading to their release;

2) review the effectiveness of liaison between the external auditors and the University;

3) oversee the effectiveness of the accounting and internal financial reporting of the University;

4) ensure that the internal audit function as set out in the Internal Audit Charter is adequately and effectively carried out;

5) oversight and endorse internal audit strategies and programs, ensuring adequate co-ordination between internal and external auditors;

6) evaluate the standards of internal control over financial operations and ensure their adequacy and effectiveness;

7) request and review special audit investigations as required;

8) support the independence of the internal auditing activity;

9) report annually to the Finance Committee on the activities of the audit function.

(source: Admin. File 028/0001/00128)

Senate established new committees and approved changes to terms of reference and composition to existing committees consistent with the University Governance resolutions approved by Senate on 5 November 2001. At the Senate meeting 4 February 2002, it was recommended that the Audit Committee be restructured as a committee of Senate with revised terms of reference and composition with effect from 8 February 2002.