Updating Audit Committee Policies

That BCCPAC urge the Ministry of Education to make an amendment to the School Act to include the requirements of school districts to form and maintain an audit committee under Division 8, Part 8 of the School Act. The role and expectations of such committee will be as follows:

• Review the audited financial statements of the board and recommend approval of the audited financial statements where appropriate.
• Oversee the internal financial control structures to ensure districts assets are safeguarded and ensure auditor recommendations are implemented and followed through where appropriate.
• Independently review results with external auditor and follow up on the implementation of the auditor’s letter of recommendation.
• Approve and review the appointment of the auditor and the nature and extent of other services provided by the auditor in relation to auditor independence.
• Monitor the development of and changes to accounting principles and practices and financial reporting standards, and their impact on the school district’s financial reporting.

• The Audit Committee shall, meet at least four times a year and as often as necessary to adequately fulfill their responsibilities.
• The Audit Committee, shall report at public meetings as required.

• The Audit Committee shall be comprised of no less than one trustee other than the Board Chair who will be appointed annually, and at least two qualified persons from the general public and approved by the board.
• The Committee Chair shall be one of the trustee members, appointed by the Chair of the Board of Education.
• Any Trustee of the district may attend an Audit Committee meeting upon request.