Audit and Finance

Committee Name: Audit and Finance Committee

Mandate: This Committee will serve as oversight in regards to the financial operations, internal controls, and risk management of the MRSA organization. The Committee will also evaluate and recommend to the Executive on financial planning, reporting, and performance of the MRSA organization, and update policies within these areas in consultation with the Governance Committee and with direction from the MRSA Executive Board. The Committee will also evaluate internal financial policies and procedures, in addition to important regulatory, legal, and contractual responsibilities. Recommendations brought to the Executive will be voted by simple majority. 

Committee Membership: 

  • Chair: MRSA Treasurer
  • One (1) Officer 
  • Three (3) MRSA Members 

MRSA members sitting on the Committee must be approved by the MRSA Executive and serve a two (2)-year term, with the option to renew for an additional two (2)-year term. Vacant positions on the committee shall be filled upon discretion of the Officers. A minimum of three (3) Committee members is required for meetings to proceed. 

Roles and Responsibilities

  • Draft reports (guided by the MRSA Treasurer) to the Executive on a quarterly basis
  • Provide recommendations on any capital or operating expenditures
  • Provide recommendations on any adjustments during the fiscal year
  • Assess and provide oversight of investments of the MRSA and make any recommendations as necessary
  • Provide a review of the MRSA annual audited financial statements and provide oversight of the integrity of the financial information presented
  • Provide a recommendation about the selection of an auditor for financial and auditing services including but not limited to an annual audit plan
  • Provide oversight on the performance of the external auditor and review the annual audit plan with the external auditor
  • Provide a review of the findings from all internal and external audits as a performance indicator
  • Consult external counsel or advisors based on recommendation deemed appropriate by the Executive
  • Develop or assist in the development of internal controls. e.g. policies and procedures related to the finances and the risk mitigation to the Association
  • Provide oversight and appropriate response on the prevention and detection of fraud
  • Conduct an annual review of the MRSA insurance plans
  • Provide a review of the financial reports presented to the Executive
  • Present a financial report at the Annual General Meeting and respond to member queries
  • Ensure financial records are accurate
  • Develop annual projected budget for presentation to and approval from MRSA Executive 
  • Work with the Treasurer to provide direction and recommendations regarding compliance with PIPA and other applicable statutory requirements
  • Provide updates as necessary for the Treasurer’s manual

Reporting:

  • The Treasurer is responsible for reporting once per month to the Executive, and/or larger membership.  Reporting may be all the following:
    • For Information
    • For Discussion
    • For Action
    • Budgeting process
      •  Clarification that budgeted surplus monies for committees reverts to MRSA at end of year for addition to the defense fund.
  • The Executive Assistant is responsible for compiling and circulating the meeting minutes. They are stored on Google Drive and the J:drive. 

Level of Authority:
Limited agent: In consultation with the Executive Board, the committee can take action after the Board has agreed to the advised action.

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