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: Treasurer
  • One (1) Officer
  • Minimum of three (3) 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

Report  to the Executive on a quarterly basis, regarding recommendations on any capital or operating expenditures, recommendations on any adjustments during the fiscal year, oversight of investments of the MRSA and make any recommendations as necessary

Provide oversight to the annual external audit process

Consult external counsel or advisors based on recommendation deemed appropriate by the Executive

Develop or assist in the development of internal controls , including 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

Ensure financial records are accurate

Develop the annual projected budget for approval from MRSA Executive, and presentation at the General Meeting.

Ensure compliance with PIPA and other applicable statutory requirements

Provide updates as necessary for the Financial Operations manual


The Treasurer is responsible for reporting on a regular basis to the Executive, and/or larger membership.  Reporting may include the following:

For Information

For Discussion

For Action

Budgeting process

Present a financial report at the Annual General Meeting and respond to member queries.

The Executive Assistant serves as a resource for the committee.

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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