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Audit and Finance Committee

  1. Terms of Reference

    The Audit and Finance Committee is a standing committee of the UOIT Board of Governors and is responsible for overseeing the financial affairs of the university with respect to all auditing, financial reporting and internal systems and control functions, budget approvals, risk management, and other internal and external audit functions and activities at the university. The Committee will report and make recommendations to the Board of Governors regarding these and other related matters.

    The Committee shall also consider such other matters that are delegated to the Committee by the UOIT Board of Governors, including special examinations as may be required from time to time, and if appropriate retain special counsel of experts to assist.

    Specifically, the Audit and Finance Committee shall have the following responsibilities:

    1. Finance
      i) Ensuring fiscal responsibility with respect to the financial resources of the university, including:
          1. Reviewing and recommending approval of the annual operating budgets, capital budgets, tuition fees and ancillary fees;
          2. Reviewing on a quarterly basis financial statements and financial performance against budget;
          3. Reviewing policies on financial administration and recommending their approval by the Board;
          4. Reviewing and monitoring all long-term debt and providing recommendations as appropriate; and
          5. Providing financial oversight for major capital projects, auxiliary operations, and structures.

    2. Audit and Financial Reporting
      i) Ensuring that appropriate financial controls, reporting processes and accountabilities are in place at the university, including:
          1. Appointing the external auditor, and approving the fee for such service;
          2. Reviewing the external auditor’s letter of engagement, independence, and the scope of services;
          3. Reviewing the external auditor’s comprehensive audit plan, scope of the examination, and the nature and level of support to be provided by the internal audit function;
          4. Meeting with the external auditor, independent from management, to review audit results and when planning the upcoming audit year;
          5. Assessing the performance of the external audit function; and
          6. Providing an avenue of communication between the external auditor, management and the Board of Governors.

ii) Reviewing and recommending to the Board approval of the university’s annual audited financial statements, as well as reviewing significant findings or recommendations submitted by the external auditor.

iii) Overseeing the provision of internal and external audit functions at the university, including annual reviews, area specific evaluations, functional assessments and process appraisals.

c. Risk Management

i) Reviewing and approving the risk management process at the university that ensures that appropriate processes are in place to determine management’s risk parameters and risk appetite.

ii) Monitoring and ensuring that appropriate processes are in place to identify, report and control areas of significant risk to the university and ensuring that appropriate mitigative actions are taken or planned in areas where material risk is identified.

iii) Receiving regular reports from management on areas of significant risk to the university, including but not limited to legal claims, development (fundraising activities), environmental issues, health, safety and other regulatory matters.


The Committee shall meet at least four (4) times per year. In accordance with the UOIT Act and the Board of Governors Meeting Policy and Procedures, the Committee shall conduct three types of Meetings as part of its regular administration: Public, Non-Public and In Camera (when required).


The Committee shall be composed of:

    • Between three (3) and seven (7) external governors
    • Up to three (3) elected governors
    • Chief Financial Officer (non-voting)

The Board Chair and Vice Chair(s) and the President are invited to attend as voting members.

At least one member of the committee shall have an accounting designation or related financial experience.

All members of the committee shall be financially literate and have the ability to read and understand the university’s financial statements, or must be able to become financially literate within a reasonable period of time after his/her appointment to the Committee. In this regard, the Chief Financial Officer or other financial expert will ensure that each new member receives appropriate training in reading and understanding the financial statements.


Quorum requires that half of the Committee members entitled to vote be present.