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Audit Committee Charter

  • Policy Name: Audit Committee Charter
  • Policy Types: Governance Process
  • Number: GP-06.1
  • Date Approved: October 20, 2025
  • Date Amended: 
  • Date Last Reviewed: 

The Audit Committee enhances the Board’s effectiveness and efficiency in fulfilling its external and direct inspection monitoring responsibilities of fiscal policy.  

Committee Products

  1. The committee products are to support the Board’s job, never to decide for the Board unless explicitly stated below:

    1.1. A transparent process of review and disclosure that enhances owner and stakeholder confidence in the organization’s financial reporting.

    1.1.1. At the request of the Board, considerations for the Board’s decision re: selection of financial auditor, and liaison with auditor on behalf of the Board.

    1.1.2. At the request of the Board, an opinion as to CEO compliance with criteria specified in the Executive Limitations on finance or selected policy items from the Executive Limitation on Asset Protection.

    1.1.3. At the request of the Board, an opinion as to CEO compliance with criteria specified in Executive Limitations policies on data and information security.

    1.1.4. An opinion for the Board, based on evidence required of the external auditor, as to whether the independent audit of the organization was performed in an appropriate manner.

    1.1.5. An annual report to the Board highlighting the committee’s review of the audited financial statements and any other significant information arising from their discussions with the external auditor.

    1.1.6. At the request of the Board, options for changes to the board’s GP policy on board expenses.
    Committee Authority 

  2. The Committee’s authority enables it to assist the Board in its work, while not interfering with Board holism.

    2.1. The committee cannot change or contravene Board policies, or instruct the CEO or any other staff member, other than to request information required in the conduct of its duties.

    2.2. The committee may not spend or commit organization funds, other than those specifically allocated by the Board.

    2.3. The committee may use staff resource time consistent with the CEO’s interpretation of a reasonable amount for administrative support around meetings.

    2.4. The committee may meet independently with the organization’s external auditors.

    2.5. The Committee Chair has the authority to make any reasonable interpretation of this policy.

    Committee Composition and Tenure

  3. The committee’s composition shall enable it to function effectively and efficiently.

    3.1. The Committee shall be composed of up to three Trustees appointed by the Board using the recommendations made by the Chair.

    3.1.1. Individual Trustees shall be appointed on a two-year rotational basis. The Board may appoint a Trustee for a continuous term if the Trustee has a professional skill set that the Board deems appropriate for the Committee.

    3.1.2. The Board may appoint persons from the community to the Committee.

    3.1.3. The Board will appoint the Committee Chair from among the appointed Trustees.