The Vendor is required to provide to financial, compliance, information technology and cyber security matters.
- Financial Reporting – External
• Reviewing significant accounting and reporting issues, including recent professional and regulatory pronouncements and understanding their impact on the financial statements.
• Reviewing the annual audited financial statements to ensure they are complete, consistent, and reflect appropriate accounting principles and making a recommendation to the Board for approval.
• Reviewing significant accounting estimates, financial matters requiring significant judgment and any unusual or complex transactions.
• Reviewing treatment of proposed audit adjustments identified by the external auditors.
• Reviewing the Management Discussion and Analysis for consistency with the annual audited financial statements and the approach to be taken with the balance of the annual report and making a recommendation to the Board for approval before its release.
• Ensuring that the external auditors communicate required matters to the agency, including proposed audit scope and approach, audit findings, auditor independence and the nature of any other services provided.
- Financial Reporting – Internal
• Reviewing the process for the Board’s participation, with Management, in strategically engaging stakeholders on the annual budget, in the context of the Budget Development Process, and making recommendations to the Board for approval of the process.
• Reviewing the annual capital and operating budgets and related costs and charges and making recommendations to the Board for its approval.
• Periodically reviewing the internal financial results and significant variances from budget.
• Reviewing the Vice President, Finance’s Quarterly Report, including the Capital Portfolio Report.
- Review and approve the Audit Services Charter when significant changes affect the organization, or at least every third year. This review should include the appropriate authority, role, responsibilities, scope, and internal audit services.
- Review and provide feedback on changes to Audit Services Strategy (vision, objectives and supporting initiatives) as needed.
- Approve Audit Services’ annual Performance Objectives, in alignment with the Standards, Audit Services Charter and strategy, and feedback from the Vice-President Finance.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: January 7, 2026
