Audit and Finance Committee
Content
The Maple Ridge Audit and Finance Committee meets at least two times per year to review the annual financial statements and reports. The Committee is composed of the Mayor and three Councillors who are appointed annually. The responsibilities of the Committee are:
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To meet with the external auditors appointed by Council to satisfy itself, on behalf of the Council, that:
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the Municipality has implemented appropriate systems to identify, monitor and mitigate significant business risks;
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the Municipality has implemented appropriate systems of internal control to ensure compliance with legal, ethical and regulatory requirements and that these systems are operating effectively;
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the Municipality has implemented appropriate systems of internal control to ensure compliance with its policies and procedures and these systems are operating effectively;
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the Municipality has implemented appropriate systems of internal control over financial reporting and that these systems are operating effectively;
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the Municipality's annual financial statements are fully presented in all material respects in accordance with generally accepted accounting principles, the selection of accounting policies is appropriate and the annual financial statements should be approved by Council;
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the information contained in the Municipality's annual report and other disclosures is accurate, complete and fairly presents the financial position and the risks of the organization; and
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the external audit function has been effectively carried out and any matter that the external auditors wish to bring to the attention of Council has been given adequate attention.
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To review interim financial reports as deemed appropriate by the Chair of the Committee.
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To recommend to Council the reappointment or appointment of external auditors.
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To inquire into any matters referred to it by Council.