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 &
- 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
Four members of the Municipal Council
One citizen appointee
Concurrent with the term of the Municipal Council making the appointment.
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.
Same qualifications as for the members of the Municipal Council.The other pages display the real data
The citizen appointee shall have the designation of a Chartered Accountant.
Persons interested in submitting an application for appointment may complete and submit the
application form available on the City's website.
At least twice annually and at such other times as shall be required and determined by the Chair.
No remuneration is paid to the
Audit Committee members.
Barb Westlake-Power, Manager of Legislative Services
Phone: 519 661-2500 Ext. 5391
Fax: 519 661-4892