Audit Committee Standing Orders
- The Audit Committee:
- Shall monitor the use of all Faculty Association Membership Fees and Faculty Membership Fees, and approve disbursement of Faculty Association Membership Fees within four weeks of complete submission of all documents required by Bylaw 8200 7.;
- Should a submission be found incomplete, Audit Committee will inform the Faculty Association in question of any outstanding information that needs to be reported within two weeks of initially reviewing the submission.
- Shall annually select the Students’ Union auditor and oversee the Students’ Union’s external audit;
- Shall review the Students’ Union’s audited financial statements in advance of their presentation to Students’ Council;
- Shall review all alterations made to the Students’ Union’s budget for the purpose of verifying compliance with Students’ Union legislation;
- Shall, each month, review, for appropriateness and compliance with the Students’ Union’s budget, the transactions of the Students’ Union organizational units;
- Shall review all expenditures made on Students’ Union credit cards;
- Shall investigate any inappropriate transactions or significant variances against the Students’ Union’s budget;
- Shall monitor the Finance Committee’s allocation of the Campus Recreation Enhancement Fund, the Golden bear and Panda Legacy Fund, and the Refugee Student Fund;
- Has the authority to require to appear before it, in a reasonable period of time, any Students’ Union employee(s) and/or members(s) of the Executive Committee.
- Quorum of the Audit Committee shall be four voting members.
- Once at the beginning of the year to
- Elect a Chair;
- Approve Standing Orders
- To make decisions regarding:
- The removal and/or replacement of a Chair;
- Changes to Standing Orders
- Whenever called for by any member with seventy-two hours notice or agreement by all members of the committee as a whole.
- For the first meeting of the Committee in May, September and January, set out a meeting schedule for the following months.
- As per meeting schedule described in 2(4).
- Should a vacancy on the Audit Committee occur, then the Committee shall recommend the nomination of additional member(s) to Students’ Council at its next meeting.
- Should the Chair of the Audit Committee leave the voting membership of the Committee, the position of Chair shall be considered vacant and a new chair shall be elected at the next meeting.
4 Chair's Responsibilities and Duties
- Shall ensure that there is an agenda for each meeting that will include, at minimum:
- Call to Order
- Items of Business
- Confirmation of Next Meeting
- Shall, after each meeting of the committee, submit to Students’ Council a report to appear on the main agenda including:
- Any decisions made by the standing committee acting under authority delegated to it by Students’ Council
- Any recommendations made by the standing committee to Students’ Council
- Any standing orders adopted by the committee
- If the meeting occurs after the Council agenda submission deadline, the Chair shall submit the report of the Committee as soon as possible so that they appear on the late additions agenda of Students’ Council;
- Shall ensure that all communication and decisions involving a dedicated fee unit and the Committee will be forwarded to the Students’ Council representative of the dedicated fee unit’s board.
- Shall receive monthly summaries of the Students’ Union organizational units, and select those that should be reviewed by the Committee. Prior notice must be provided to committee members, and the review is subject to consent of the committee.
- Shall request to be added to the Finance Committee mailing list and to receive all minutes and agendas from Finance Committee;
- Shall provide a monthly oral report to the Committee on the activities of Finance Committee.
- Shall work with the Speaker and Administrative Assistant to ensure the logistical needs of Audit Committee are met.
5 Member Responsibilities and Duties
- Members are required to attend all meetings of the Audit Committee.
- Shall be considered present should a proxy be appointed and attends as per Bylaw 100, Section 15-5.
- Should the Chair of the Audit Committee be absent from a meeting of the Committee, the Committee shall elect an interim chair from within its permanent voting membership for the duration of the meeting.
- To appoint a proxy to the Audit Committee, the member thereof must provide a notice to that effect to the Chair of the Committee:
- stating the name and e-mail address of the eligible member of Students’ Council who will serve as proxy,
- indicating the duration of the appointment, and
- that is signed by the appointing member of the Committee or e-mailed to the Chair of the Committee no later than two hours prior to the Committee meeting.
- The Administrative Assistant of the Students’ Council will:
- Book meeting rooms for meetings of the Committee.
- Book Minute Takers for each meeting of the Committee.
- Structure Agenda’s for each meeting based on the Orders of the Day submitted by members of the Committee and any referrals from Students’ Council.
- Notify the Committee of Meetings through the Agenda.
- Distribute the Agenda and Minutes to members of the Committee.
- Ensure paper copies of the Agenda are printed for the Chair to bring to each meeting.
- If a Minute Taker is not present at the meeting, the Chair will assign the task of recording minutes to a member of the Committee.
- Members of the Committee may amend their comments in the minutes when the minutes are being approved by the Committee.
9 Rules of Order
- The Chair may institute Robert’s Rules of Order if the meeting would benefit from the imposition of the Structure.
10 Orders of the Day
- Right of Submission by Committee Members
- Any voting member of the Audit Committee may submit Orders of the Day to be considered by Audit Committee.
- Order of Business
- Call to Order
- Approval of Agenda
- Approval of Minutes
- Chair’s Business
- Question/Discussion Period
- Committee Business
- Information Items
- Order of Orders of the Day
- Orders of the Day shall appear on the Order Paper in the order submitted or as otherwise designated by the Chair.
- Deadline for Submission
- Members shall send all items for each meeting Agenda to the Students’ Council Administrative Assistant twenty-four hours prior to the meeting.
- Late Additions
- Late Additions may be added to the Order Paper, at the discretion of the Audit Committee at the meeting, if the items of business cannot be postponed to a future meeting of the Committee.
- Deadline for Publishing
- The agenda package will be published in the following manner:
- Paper copies will be created and made available in the Students’ Union Executive/Administrative Offices, and
- An electronic version will be placed on the Students’ Union web page.
- The Agenda package will be published no later than 4.30p.m. on the business day prior to the Committee meeting.
11 Standing Orders
- The Standing Orders of the Audit Committee may be amended by a simple majority vote of the Committee, with such changes being reported to Students’ Council.
- The Standing Orders of the Audit Committee do not expire, but shall be reintroduced at the Committee’s first meeting.
- All members shall ensure the security and confidentiality of financial documents, which come into their possession by virtue of their membership on the Audit Committee.