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.
- 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:
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.