AUDIT COMMITTEE
TERMS OF REFERENCE

Other Duties & Responsibilities

 The Audit Committee shall:

  • Monitor the overall financial management of the University.

  • Review the status of pending or threatened material litigation.

  • Review before filing with government any formal financial reports on the financial condition or operating results of the University.

  • Draw to the attention of the Board of Governors all financial matters of which the Committee has knowledge and which may materially affect the current or future position of the University.

  • Confirm that appropriate policies and procedures are in place for monitoring compliance with applicable laws, and ascertain their adequacy and compliance levels.

  • Review programs to protect the University’s assets (for example, insurance).

  • Review such other matters which may be referred to the Committee by the Board of Governors for consideration and recommendation.

  • Meet with the Internal Auditor, Auditor General, External Auditor and Management in separate in-camera sessions to discuss any matters the Committee or these groups believe should be discussed privately.

  • Review Environmental and Health and Safety matters for compliance to applicable legislation and University policies.

  • Review any proposed changes in roles or responsibilities to the position of the University’s Vice President Finance, Resources & Operations.

  • Have the authority to engage independent counsel and other advisors, with prior approval from the Chair of the UBC Board of Governors.