Committee Name: Audit and Finance Committee
The role of the Audit and Finance Committee is to assist the Executive in fulfilling its oversight responsibilities with respect to finances, internal controls and risk exposure. On behalf of the Executive, the Audit and Finance Committee monitors, evaluates, advises and makes recommendations on matters affecting the financial planning, reporting and performance of the Association; internal financial control policies and processes; and compliance with legal, regulatory and contractual obligations.
- Vacant (Chair)
- Nadine Conklin(temporary Chair)
- Karen Hiebert
- Charissa Hovdebo
- Baset Zarrug
The Audit and Finance Committee shall consist of a minimum of five (5) members, including the MRSA Treasurer (Chair), MRSA President, one (1) MRSA Vice-President, and a minimum of two (2) MRSA members. Other than the Treasurer, President, and one (1) Vice-President, members are approved annually by the Executive and may sit for up to three (3) years, with eligibility for renewal. If the Committee minimum is not met, the MRSA Executive Board will fill the vacant position(s). The majority of members of the Audit and Finance Committee shall have a basic understanding of finance and accounting and be able to read and understand financial statements. A quorum of three (3) members is required.
The term of office for all members of the Audit and Finance Committee shall be two (2) years.
The role of the Audit and Finance Committee is to assist the Executive in fulfilling its oversight responsibilities with respect to finances, internal controls and risk exposure. On behalf of the Executive, the Committee monitors, evaluates, advises and makes recommendations on matters affecting the financial planning, reporting and performance of the Association; internal financial control policies and processes; and compliance with legal, regulatory and contractual obligations.
The Committee shall advise and make recommendations to the Executive on the following responsibilities:
- Review the committee’s terms of reference on an annual basis
- Assess the processes of the Committee, as needed
- Draft a report by the Treasurer to the Executive on a quarterly basis at a minimum
- Provide appropriate orientation to new members of the Committee
- Recommend outside advisors or counsel if deemed appropriate by the Executive. Decisions to be brought to the Executive will be made by plurality of the Audit and Finance Committee.
- Provide oversight on the Association’s accounting policies and financial reporting to ensure they are up to date, reflect best practice and are responsive to the Executive’s governance responsibility
- Monitor the performance of the external auditor and meet with the auditor to review the annual audit plan
- Review the Association’s annual audited financial statements and oversee the integrity of the financial information presented
- Review the findings from all internal and external audits
- Review the financial reports presented at Executive meetings
- Recommend any supplemental budget adjustments during the year
- Recommend any capital projects
- Recommend the annual budget
- Provide annual oversight and assess the performance of the Association’s investments, and make recommendations on alternatives
- Oversee the Committee’s internal financial control policies and ensure a risk management process is in place that identifies, analyses, manages and reports on current and emerging risks that would materially impact the Association
- Review the Association’s insurance plans annually
- Ensure appropriate polices are in place to prevent and detect fraud
- Respond to any other matter specifically delegated to the Committee by the Executive
- Present the financial statements and respond to members’ questions at the MRSA Annual General Meeting
Frequency of Meetings
This Committee shall meet a minimum of one hour a month, or as deemed necessary.
The budget to cover any expenses, such as photocopying and other related activities will be housed in the MRSA office expense budget. The MRSA facilities are available for Committee meetings. The Committee Chair should inform the Association’s Executive Assistant of meeting days and times so the Boardroom can be reserved.
The Committee’s records shall be maintained by the MRSA office in the form of correspondence, legal documents, and/or minutes of meetings, according to federal regulations and the MRSA Records Management Policy.
Decisions to be brought to the Executive will be made by a simple majority of the Audit and Finance Committee.
The Audit and Finance Committee chair will report on committee business monthly at an MRSA Executive meeting and when necessary to carry out the Association’s financial affairs.