presence of school board staff or board members not on the audit committee. Does the committee Yes. However, staff should be encouraged to bring their have the authority to speak manager to the meeting, unless the discussion involves with school board staff the manager (e.g. allegations of fraud in upper without the Director of management). Education or other members of the senior management team being present? Can a trustee, that is not All trustees may attend audit committee meetings. They an appointed member to should however not be active participants at the the committee, attend meetings in order to allow the members to carry out the audit committee meetings items on the agenda. and put forward motions? Is a requirement for The audit committee regulation does not include security clearance for security clearance requirements for members of the auditors and audit audit committee, internal auditors or external auditors. committee members? The requirements that should be followed are those set out by the individual district school boards. If the audit committee The school board trustee would likely be contacted by needed to contact a school the chair of the audit committee board trustee, how the contact would be made? Can you explain the The following analogy can be used in terms of oversight, responsibility of the audit in and hands out”. This means that the audit “Noses committee in terms of committee is responsible for asking probing questions oversight? on issues related to the following: financial reporting process including financial statements, internal controls, internal and external auditors, risk management and compliance matters Can you explain the The budget committee generally makes difference between the recommendations to the board of trustees on the annual budget committee and the estimates, budget priorities, budget forecasting and audit committee? budgeted expenditures. Therefore the budget committee has a more focused agenda on the
presence of school board staff or board members not on the audit committee. Does the committee have the authority to speak with school board staff without the Director of Education or other members of the senior management team being present? Yes. However, staff should be encouraged to bring their manager to the meeting, unless the discussion involves the manager (e.g. allegations of fraud in upper management). Can a trustee, that is not an appointed member to the committee, attend audit committee meetings and put forward motions? All trustees may attend audit committee meetings. They should however not be active participants at the meetings in order to allow the members to carry out the items on the agenda. Is a requirement for security clearance for auditors and audit committee members? The audit committee regulation does not include security clearance requirements for members of the audit committee, internal auditors or external auditors. The requirements that should be followed are those set out by the individual district school boards. If the audit committee needed to contact a school board trustee, how the contact would be made? The school board trustee would likely be contacted by the chair of the audit committee Can you explain the responsibility of the audit committee in terms of oversight? The following analogy can be used in terms of oversight, “Noses in and hands out”. This means that the audit committee is responsible for asking probing questions on issues related to the following: financial reporting process including financial statements, internal controls, internal and external auditors, risk management and compliance matters Can you explain the difference between the budget committee and the audit committee? The budget committee generally makes recommendations to the board of trustees on the annual estimates, budget priorities, budget forecasting and expenditures. Therefore the budget committee has a more focused agenda on the budgeted
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