Technical Safety BC Annual Report 2017 - The Finance and Audit Committee
The Finance and Audit Committee assists the Board in fulfilling its oversight responsibilities relating to Technical Safety BC’s financial reporting, accounting systems, budgets, internal controls, and audit process. The Chair of the Finance and Audit Committee is required to be a financial expert. The Chair must:
- understand accounting standards for not-for-profit organizations;
- be experienced in preparing or auditing financial statements of comparable companies;
- have experience accounting for estimates, accruals, and reserves;
- understand internal accounting controls; and
- understand the functions of an audit committee.
Over the past year, the Finance and Audit Committee, in accordance with its mandate, accomplished the following:
- provided oversight to management’s financial risk management policies and procedures, including the review of the Investment Policy, Investment Manager, and Asset Capitalization Policy;
- provided oversight to management’s internal financial controls framework;
- reviewed the 2016 financial statements, notes to the financial statements and Management Discussion and Analysis with management and the external auditors.
- reviewed and approved the external auditor’s plan to audit the 2017 annual financial statements;
- reviewed and approved the internal auditor’s annual audit plan, audit charter, and terms of reference and reviewed regular reports by internal auditors on the audits performed while monitoring management’s responses;
- reviewed and approved the 2017 – 2018 insurance coverage and renewal;
- reviewed and approved fees for 2017 and 2018;
- reviewed Technical Safety BC’s investment portfolio and reserve requirements;
- reviewed directors’ fees and expenses for 2016; and
- reviewed and evaluated the performance of the Internal Auditor.