Terms of Reference
The Finance and Audit Committee shall oversee the financial framework and management of the University, its structure of risk mitigation and its legal and regulatory compliance and accountability. Without limiting the generality of the foregoing the Committee is specifically mandated to:
- Review the financial requirements of the University and its strategies and methods of meeting these requirements from time to time and over time.
- Review and recommend the approval of the University’s operating, ancillary and capital budgets and supplementary appropriations and through the budget process, review and make recommendations to the Board on the setting of academic and non-academic fees.
- Review and recommend the approval of the University’s finance policies.
- Review annual and long-range projections for capital program requirements and make recommendations for capital project financing.
- Recommend to the Board the appointment of external auditors, and review their performance and fees.
- Oversee the University’s compliance with generally accepted accounting principles, practices and requirements and evaluate the University’s finance and accounting practices and internal control to ensure that they are appropriate and adequate for its purposes.
- Review with the internal and external auditors their independence, the scope of their respective duties and the relationship between them.Receive reports on the University’s enterprise risk framework; make recommendations on risk management policies and strategies; and ensure all standing committees of the Board integrate risk management within their respective mandates.
- Consider any matters which the external auditors recommend should be brought to the University’s attention: including calling for specific reports from the University on matters within the Committee’s mandate and authorize special audits in appropriate circumstances.
- Consider the funded status of the University pension plan; approve and recommend to the Board of Governors proposed changes to the plan benefits as recommended by the Governance and Human Resources Committee.
- Undertake such other duties as may be appropriate from time to time either to fully discharge its responsibility or as is requested of it from time to time by the University or the Board of Governors.
Approved by Board of Governors, December 4, 2007
Revised and Approved by Board of Governors, June 28, 2016