Audit Committees

 
The audit committee is a committee of the board of trustees and is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external. The committee assists the board of trustees to fulfill its governance and oversight responsibilities in relation to the school jurisdictions’ financial reporting, internal control system, risk management system and internal and external audit functions. Its role is to provide advice and recommendations to the board of trustees within the scope of its terms of reference. 
 
 
 
Toolkit Outline
Thank you to our Committee members for putting this package of information together.
 
Information contained in these documents is for general reference purposes and should not be construed as legal advice. Jurisdictions should consult with their own legal counsel for the purposes of interpretation, modification or implementation. 
 

Financial Statements 101

 
This module is currently being updated to reflect the new Funding Model which comes into effect September 2020.
 
This tool kit is intended to provide guidance to users of school jurisdiction financial information, 
such as school trustees, administration, staff, parents and the public, on understanding financial statements.  Included in the guidebook is information regarding quarterly reporting and necessary elements of regular reporting to provide school trustees and administration information throughout the year, that will  not only help them perform their fiduciary duties but also to continually educate stakeholders on financial reporting.   The use of Audit Committees to provide fiscal oversight is also covered in the tool kit.