CFA Society Toronto - Board

2016_CFA_SocietyToronto_BoardManual

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STANDING COMMITTEES At its first meeting after newly elected board each year, the board appoints the chair of each of the three standing committees: Audit, Governance and Nominations, and Membership. TERMS OF REFERENCE – AUDIT Charter – Revised April 28, 2006 1. Purpose and Organization 1.1. The Audit Committee is a standing committee of CFA Society Toronto. The purpose of the Audit Committee is to assist the board in the fulfillment of its governance functions fully and efficiently by: a) Overseeing CFA Society Toronto financial and audit systems for financial integrity. b) Overseeing the CFA Society Toronto process for monitoring compliance as it relates to financial integrity. c) Evaluating and monitoring CFA Society Toronto risks. 1.2. The Audit Committee shall be composed of a minimum of three (3) board members, including a committee chair, who are independent of the CEO and the Executive Committee. The selection of the members of the Audit Committee will be done by CFA Society Toronto directors that are not members of the CFA Society Toronto Executive Committee. . 2. Roles and Responsibilities 2.1. Oversee Financial and Audit Systems In relation to overseeing the financial and audit systems of CFA Society Toronto the committee will: a) Select, evaluate and recommend to the board the termination or retention of the CFA Society Toronto external auditor. b) Evaluate the overall tone of the organization with regard to internal controls, the efficacy of internal controls and ethical conduct. c) Review significant accounting and reporting issues. d) Review the annual financial statements and the external auditor's evaluation of the financial statements with the external auditor and meet privately with the external auditor as appropriate. 2.2. Oversee the Process for Monitoring Compliance with Society Policies In relation to the overseeing process for monitoring compliance the committee will: a) Review with management any financial reporting matter it deems significant. b) Assure that CFA Society Toronto has in place a satisfactory system of compliance with rules, procedures, laws, and codes of ethics. c) Review and evaluate any reports of the Treasurer, the Finance Committee, Executive Committee, other standing committees and other pertinent third parties as a part of performing its oversight duties. 2.3. Monitor and Evaluate Risk In relation to overseeing the process for monitoring and evaluating risks of CFA Society Toronto the committee will: CFA Society Toronto Board Manual 2016 Page 33 of 194

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