Policy 9 Finance and Audit Committee Rev May 09

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Board of Governors Policy #9 POLICY TITLE: TERMS OF REFERENCE FOR FINANCE AND AUDIT COMMITTEE Effective Date: November 25, 2006 Revised: March 15, 2008 March 20, 2009 May 22, 2009 Policy Statement PURPOSE Primary responsibility for Yukon College’s financial reporting, accounting systems, risk management, management plans and budgets, internal controls and treasury is vested in management and overseen by the Board of Governors. The purpose of the Finance and Audit Committee (the “Committee”) is to assist the Board of Governors in fulfilling its obligations and oversight responsibilities relating to the audit process, financial reporting, the system of corporate controls, and risk management, and when required, make recommendations to the full Board of Governors for approval. In the process of overseeing the Yukon College’s audit procedures, the Committee will have unrestricted access to Yukon College’s relevant personnel and documents, and will be provided with the resources necessary to carry out its responsibilities. COMPOSITION The Committee will be composed of at least three and not more than five Governors, the President and Director Administrative Services as ex officio members and others as deemed necessary. Committee members will have or will develop a working familiarity with finance and accounting practices and at least one Committee member will have accounting or related 1financial management ...
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Board of Governors Policy #9

POLICY TITLE: TERMS OF REFERENCE FOR FINANCE AND
AUDIT COMMITTEE

Effective Date: November 25, 2006 Revised: March 15, 2008
March 20, 2009 May 22, 2009

Policy Statement

PURPOSE

Primary responsibility for Yukon College’s financial reporting, accounting systems, risk
management, management plans and budgets, internal controls and treasury is vested in
management and overseen by the Board of Governors.

The purpose of the Finance and Audit Committee (the “Committee”) is to assist the
Board of Governors in fulfilling its obligations and oversight responsibilities relating to
the audit process, financial reporting, the system of corporate controls, and risk
management, and when required, make recommendations to the full Board of Governors
for approval.

In the process of overseeing the Yukon College’s audit procedures, the Committee will
have unrestricted access to Yukon College’s relevant personnel and documents, and will
be provided with the resources necessary to carry out its responsibilities.

COMPOSITION

The Committee will be composed of at least three and not more than five Governors, the
President and Director Administrative Services as ex officio members and others as
deemed necessary.

Committee members will have or will develop a working familiarity with finance and
accounting practices and at least one Committee member will have accounting or related
1financial management expertise.

1 All members should be financially literate and at least one member should have accounting or related
financial management expertise, Financial “literacy” signifies the ability to read and understand
fundamental financial statements, including a balance sheet, income statement and cash flow statement, and
the ability to ask probing questions about the corporation’s financial risks and accounting. “Expertise”
signifies past employment experience in finance or accounting, requisite professional certification in
accounting, or any other comparable experience or background that results in the individual’s financial
sophistication.
Board Policy #9 Page 1 of 5
Finance and Audit Committee ƒ
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Members will normally be appointed for their term on the Board. Vacancies will be filled
by nominations from the Finance and Audit Committee and will be from suitable
qualified and interested Board members.

The Auditor General’s Offices will be notified of the Committee’s meeting schedule and
receive the appropriate meeting materials in advance of meetings. A representative of the
Auditor General’s office will be asked to attend one Committee meeting.

The Secretary to the Board will be secretary to the Committee.


DUTIES AND RESPONSIBILITIES

A. AUDIT AND FINANCIAL OVERSIGHT

1. Annual Financial Statements and Financial Reports in December, March
and June

Annual Financial Statements

The committee will review the financial statements and reports, and recommend
their approval or disapproval to the Board of Governors. The Committee will
provide an explanation if it cannot recommend approval. The review must
include:
(a) determining whether appropriate accounting methods are being applied;
(b) discussing with management and with the Auditor General’s Office:
all proposed changes in accounting policy,
the import and presentation of all large risks or uncertainties,
compliance with accounting standards,
significant adjustments arising out of the audit process and related party
transactions, and
all estimates or judgments of management that may be material to financial
reporting;
(c) questioning separately management and the Auditor General’s Office
regarding significant financial reporting, recording or presentation issues
discussed during the fiscal period and the manner of their resolution, and
(d) examining the audited financial statements in conjunction with the report of
the Auditor General’s Office, which may include determining whether the
statements:
properly reflect the significant accounting policies selected,
reflect estimates and other financial statement elements that are reasonable
and consistent,
adequately disclose all major transactions and issues,
disclose all post-year-end significant events, and
are understandable, relevant, reliable and comparable.

Board Policy #9 Page 2 of 5
Finance and Audit Committee Financial Reports in December, March and June

The Committee will review financial reports in December, March and June and
related information and recommend their approval or disapproval to the Board of
Governors.
The Finance and Audit Committee is responsible for reviewing and, where
appropriate, reporting to the Board, with recommendations, on the following:
• annual capital budget,
• annual administrative budget,
• annual program budget,
• reports in December, March and June January April and August on capital,
administrative and program expenditures,
• on all revenue contracts,
• approval of a policy with respect to account write-offs,
• auditors’ reports,
• review of control procedures for expenditures in consultation with auditors,
• any matter of financial policy or procedure directed to the Committee by
either the board of directors or the Chair of the Board.

2. Auditor General

The Committee will oversee the external audit process, including:
(a) determining whether the performance of the external audit is satisfactory,
effective and meets the requirements of Yukon College;
(b) reviewing the audit plan with the Auditor General’s Office and management;
(c) meeting with the Auditor General’s Office in the absence of the President
and/or the Director Administrative Services.
(d) determining whether management has provided full and open disclosure to the
Auditor General’s Office’s inquiries;
(e) reviewing problems experienced by the Auditor General’s Office in
performing the audit, including any restriction imposed by management and
all significant accounting issues on which there was a disagreement with
management;
(f) reviewing the post-audit or management letter containing the
recommendations of the Auditor General’s Office and reviewing
management’s response and subsequent follow-up to any significant identified
weakness.

3. Accounting System and Internal Controls

Through discussions with management and the Auditor General’s Office, the
Committee will obtain reasonable assurance that Yukon College’s accounting
systems are reliable and internal controls are adequate. For this purpose, the
Committee may wish to direct the auditor’s examinations to particular areas and
may request the auditors to undertake special examinations.

Board Policy #9 Page 3 of 5
Finance and Audit Committee The Committee will review the evaluation of internal controls by the Auditor
General’s Office, including any recommendations for improvement of Yukon
College’s accounting procedures and internal controls, together with
management’s response.

4. Other Responsibilities

The Committee will:
(a) review the status of pending or threatened material litigation;
(b) ascertain whether Yukon College’s financial results and conditions satisfy the
criteria for lenders, material agreements, applicable laws and insurers;
(c) before public disclosure, review any formal financial reports on the condition
or results of Yukon College;
(d) draw to the attention of the Board of Governors all financial matters of which
the Committee has knowledge and which may materially affect the current or
future financial position of Yukon College;
(e) confirm that appropriate policies and procedures are in place for monitoring
compliance with applicable laws and ascertain their adequacy and the levels
of compliance;
(f) review and recommend a five year budget forecast (operating and capital)to
the Board of Governors for approval;
(g) annually review executive management expense reporting
(h) review such other matters that the Committee or the Board of Governors
deems advisable or timely.


B. RISK MANAGEMENT OVERSIGHT

The Committee will monitor principal risks associated with Yukon College’s
business.

The Committee will receive reports in December, March and June from Senior
Management. In particular, the Committee will review with management to determine
whether systems are in place to identify, manage and monitor material risk including,
but not limited to:
1. risks of low probability and high impact, such as disaster preparedness;
2. Governors’ and Officers’ liabilities, as well as processes to mitigate them,
including indemnification and insurance as appropriate;
3. insurance management strategies and pension management strategies;
4. information technology strategies, and
5. such other risk issues of concern to the Committee, the Board of Governors and
management.

C. COMMITTEE TIMETABLE

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