What we do

Reporting to the Board of Directors, the Audit and Risk Committee oversees financial reporting, audit, and compliance with laws and regulations. The Committee also advises on enterprise risk management for the Association.

Members

Five members, one of whom is a Board member and one of whom is a Finance Committee member. Members of the Committee other than the Board member and Finance Committee member serve a two-year term. The Board member may be appointed for a second term, provided they are still a Board member. The Finance Committee member may be appointed for a second term, provided they are still a Finance Committee member.

Qualifications

• Financial literacy, namely experience with or understanding of:
  • financial statements and accounting standards for large, not-for-profit organizations with complex accounting issues
  • general application of accounting standards for estimates, accruals and reserves
  • internal control over financial reporting
  • the audit committee’s functions.
• Knowledge of or experience in identifying, assessing and managing risk exposures of large, not-for-profit organizations.