Audit and Finance Committee TOR approved by Board on 2008-12-18

DOUGLAS COLLEGE AUDIT AND FINANCE COMMITTEE OF THE BOARD TERMS OF REFERENCE  PURPOSE Primary responsibility for the financial reporting, enrolment reporting, accounting systems, risk management, management plans and budgets and internal controls of Douglas College (the “College”) is vested in Senior Management and overseen by the Board. The purpose of the Audit and Finance Committee (the “Committee”) is to assist the Board in fulfilling its obligations and oversight responsibilities with respect to the College, relating to the operating and capital budgeting process, financial and enrolment reporting, the audit process, the system of internal controls and risk management. COMPOSITION The Committee will be comprised of a maximum of four Board members with a quorum being two members. All Committee members shall be “independent” and “financially literate” as defined in the Board Resourcing and Development Office (BRDO) Best Practice Guidelines (See attached Appendix A for definitions). At least one member shall have an accounting designation or related financial expertise. The Vice President Finance and Administration will act as Staff Officer to the Committee. The Executive Assistant to the Vice President Finance and Administration will be the Secretary to the Committee. The Board Chair and the President will be ex-officio members. They will be non-voting members of the Committee and will not be counted in the quorum. The ...