Audit Committee

Mandate	Composition	Term of Office	Appointment Policies/ Applications
Meetings	Remuneration	Staff Contact	Meeting Agendas & Reports

Mandate

The Audit Committee is responsible for the following:

to report directly to the Municipal Council, except for matters that have to be concurred in by the Finance and Administrative Services Committee or other committees;
to oversee all audit matters, including evaluation of internal and external services to ensure effective, independent, yet complementary audit services are received;
to satisfy itself as to the existence and terms of an Engagement letter from the external auditors as advised by the Administration;
to review the arrangements for the scope of the annual audit, accounting principles (including alternatives), materiality limits incorporated in the audit, and to determine the reasonableness and adequacy of the audit fee;
to review the auditors' report and audited financial statements and to satisfy itself that these financial statements present fairly the financial position and results of operations and that the external auditors have no reservations about them and to make such recommendations thereon to the Municipal Council as deemed necessary by the Committee;
to satisfy itself that there are no unresolved issues between the Administration and the external auditors, which could affect the financial statements and that, generally, there is a good working relationship between the Administration and the auditors;
to review the external auditors' management letter together with the implementation plans as advised by the City Administrator;
to recommend the appointment of new auditors on the advice of the Administration, in the event of a vacancy;
to annually review and approve the work plan from Management Support & Audit Services;
to receive the interim and annual summary reports of management support activities and findings from internal audit; and
to engage in confidential discussions between Management Support & Audit Services and the Audit Committee as required. (ADOPTED by Council May 2, 2005)

Composition

Four members of the Municipal Council
One citizen appointee

Term of Office

Concurrent with the term of the Municipal Council making the appointment.

Appointment Policies/Applications

Appointment Policies

The Finance and Administrative Services Committee nominates the members from the Municipal Council and the Municipal Council makes the appointments.

Through local newspaper advertisements, the City of London website and postings at local library branches, qualified citizens are invited to apply for appointment as the citizen appointee.

The Chair and Vice-Chair are elected by the Committee from among its voting members.