Terms of Reference - Audit Committee

TERMS OF REFERENCE AUDIT AND RISK MANAGEMENT COMMITTEE I. PURPOSE A. The primary audit function of the Audit & Risk Management Committee (the “Committee”) is to assist the Board in fulfilling its oversight responsibilities by reviewing: i) the financial information that will be provided to the Province and the public; ii) the systems of internal controls, that management and the Board have established; iii) all audit processes; and iv) compliance with laws regulations and policies that may apply. B. Primary responsibility for the financial reporting, information systems, risk management and internal controls of Partnerships British Columbia (PBC) is vested in management and is overseen by the Board. II. COMPOSITION AND OPERATIONS A. The Committee shall be composed of not fewer than three directors and not more than five directors. B. All Committee members shall be financially literate and at least one 1shall have accounting or related financial experience. C. PBC’s auditors shall be advised of the names of the committee members and will receive notice of and be invited to attend Committee meetings, and to be heard at those meetings on matters relating to the auditor's duties. D. The Committee shall meet with the external auditors as it deems appropriate to consider any matter that the Committee or auditors 1 The Board has defined “financial literacy” as: the ...