Financial audit committee

An official audit committee is being set up for School District 83, as being recommended by the Ministry of Education for all school districts in B.C.

At the School District No. 83 (North Okanagan-Shuswap) Board of Education meeting on Oct. 16 at the District Education Support Centre, Official Trustee Mike McKay accepted the terms of reference for the new committee. The Ministry of Education has recommended that School Districts incorporate Audit Committees into their financial oversight structures. In the past, most School Districts did not have such a committee, explained Secretary-Treasurer Bruce Hunt.

He noted the recommended structure of the Audit Committee for School District No. 83 is based on the template provided by the provincial joint Financial Health Working Group (FHWG) and adjusted to reflect the needs of the district.

The committee will ensure compliance with the financial provisions of the School Act and Regulations and provide independent oversight to the Board of Education in the areas of financial reporting, external audit process, risk management and internal controls and compliance matters.

The audit committee joins five additional trustee standing committees, including Policy, Labour Relations, Education Directions, Finance & Facilities, and Partner Group. The plan is for one trustee to be on each of the committees, with the same trustee to sit on the audit and finance & facilities committees.

 

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