Convocation May 2010 - Report to Conv-Audit

Report to Convocation May 27, 2010 Audit Committee Committee Members Beth Symes (Chair) Marshall Crowe Seymour Epstein Glen Hainey Doug Lewis Bill Simpson Purpose of Report: Information Prepared by: Wendy Tysall, Chief Financial Officer 416-947-3322 COMMITTEE PROCESS 1. The Audit Committee (“the Committee”) met on May 5, 2010. Committee members in attendance were Beth Symes (c), Marshall Crowe, Seymour Epstein, Glenn Hainey, Doug Lewis and Bill Simpson. 2. Staff in attendance were Malcolm Heins, Wendy Tysall and Fred Grady 2 FOR INFORMATION LAW SOCIETY OF UPPER CANADA FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2010 3. The Audit Committee recommends the financial statements for the first quarter of 2010 be received by Convocation for information. 3 Law Society of Upper Canada Financial Statements Highlights For the three months ended March 31, 2010 Fund Descriptions General Fund 4. The General Fund is the Society’s operating fund representing the bulk of its revenues and expenses relating to the licensing and regulation of lawyers and paralegals. Detailed results of operations for lawyers and paralegals are combined on the Statement of Revenue and Expenses. Summarized results for both lawyers and paralegals are reported on the Statement of Changes Fund Balances. Supplementary schedules comparing actual results to budget are also provided ...