In accordance with the Education Act, the Algonquin and Lakeshore Catholic District School Board formed an Audit Committee in January 2011. The Audit Committee is comprised of three elected trustees (4 year term) and two external members (3 year term). The role of the Audit Committee is to assist the Board of Trustees in fulfilling its responsibilities related to governance and oversight.
The primary duties and responsibilities of the Audit Committee include:
Review the financial management of the Board and its financial reporting processes.
Review the overall effectiveness of the Board’s internal controls.
Review the performance and effectiveness of the Board’s internal auditors.
Review the independence and performance of the Board’s external auditors.
Review the effectiveness of the Board’s system for monitoring compliance with legislative requirements and with the Board’s policies and procedures.
Review and assess the Board’s policies with respect to risk management.
The Committee meets at least three (3) times per year plus ad hoc meetings as required.
Please see Ontario Regulation 361/10- Audit Committees for more information
Audited Financial Statements