Audit Committee
TERMS OF REFERENCE

Internal Audit

The Audit Committee shall:

  • Review the Terms of Reference for the Internal Auditor, including an examination of the Internal Auditor’s approach to risk assessment and the methods used to assess risk.

  • Consider the scope of internal audit activity, plans, and resources required by the internal audit, and approve the annual Internal Audit Plan/budget.

  • Review the reports issued by the Internal Auditor and Management’s response and subsequent follow-up to all identified risk exposures and control issues.

  • Evaluate the performance of the Internal Audit unit.

  • Hire and evaluate the Director of Internal Audit.

  • Review and maintain the power of veto over the appointment, replacement, reassignment or dismissal of the Internal Auditor by Management.

  • Ensure the Internal Auditor has direct access to the Audit Committee.

  • Ensure that Internal Audit has in place a formal whistleblower process, and that the process is communicated to the community.

  • Meet with the Internal Auditors without Management present, as part of the regular Audit Committee agenda.