Board Details - Board Manager

Audit and Risk Committee

The Audit and Risk Committee promotes an appropriate environment for the management of public funds and a high level of accountability. The committee will assist Council in fulfilling its due diligence, fiduciary, financial reporting, and audit responsibilities and to approve, monitor, evaluate, and provide advice on matters affecting the external audit, internal audit, risk management, and the financial reporting and accounting control policies and practices of the Town of Cobourg.

In addition to its core function of making recommendations to Council, the Committee is empowered to make decisions regarding the following matters:

a. Add items to its agenda pursuant to the procedure by-law.
b. Defer matters for the purpose of receiving additional information from staff, or for additional public input.
c. Refer a matter to another standing committee in the rare circumstance additional recommendations are required from that standing committee as matter proceeds to Council.
d. Hear and receive deputations regarding agenda items.
e. Consider correspondence and make recommendations to Council.
f. Conduct statutory hearings when that authority is delegated by Council.

The full policy can be found at the following link: Audit and Risk Committee Terms of Reference

Term Length (Year):

Term Limit:

Number of Members:

Board Information

Mandate :

The goals and purpose of the Audit and Risk Committee are to:

1. Provide advice on the appointment of the external auditor.

2. Review the annual audit planning report.

3. Review the annual audited financial statement from the external auditor and make recommendations.

4. Receive an update from the external auditor on the annual audit findings report, annual financial statement, and report as needed to Council.

5. Monitor recommendations or findings brought to the attention of the audit committee by the external auditor through the audit findings report or otherwise.

6. Review proposed changes to financial control and related policies, accounting control policies and practices.

7. Review projects and provide advice to council on special projects assigned by council.

8. Obtain reasonable assurance on an annual basis, regarding the reliability and security of information technology (IT) systems and the systems of internal controls are properly designed and effectively implemented through discussions with and reports from management.

9. Risk management:

a. Review and discuss with management their responsibility for assessing and managing the Town’s exposure risk.
b. Review policies governing risk management, when appropriate.
c. Review and discuss with management the Town’s major emerging risk exposures.

10. Oversight of the effective and efficient use of resources.
a. Appraise the economy, efficiency, and effectiveness of financial programs and resource utilization to determine whether value for money is provided by such municipal programs and projects.

Meeting Information :

Committee meeting notification shall be provided as per the procedural by-law. Committee meetings will be held on a set day and time as per the schedule adopted by Council. The audit committee shall meet a minimum of two (2) times per year, and more frequently at the discretion of the Chair. The meetings and schedule may vary each year, however at minimum the meetings will be: 1. April/May: Approval of the annual audited financial statement and an update on IT framework in comparison to the National Institute of Standards and Technology (NIST) standard. 2. November: Review of audit plan for subsequent year’s audit. IT update on capital and operational plans for the upcoming year.

Composition :

1. Mayor
2. 2 members of Council.
3. 2 public representatives.

Quorum :

A quorum in any Committee is a majority of the voting members of the Committee, being 3.

Eligibility Information :

The 2 public representatives shall be financially literate and/or possess IT expertise and exhibit the skills to serve as an effective Committee member.

Resources Staff :

The Director of Corporate Services and the Chief Administrative Officer (or their respective delegates) will attend all meetings. Department Directors will attend as required. The Director of Legislative Services will provide procedural guidance, administrative resources, and support. Legislative Services will prepare committee minutes for Council’s consideration; these minutes will be included in Council meeting agendas.

Reports To :

Council

Name	Position	Term Start	Term End	Status	Appointed By