Policy 9 Finance and Audit Committee Rev May 09

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 ...