The committee typically will:
- review and recommend financial statements and reports for distribution;
- oversee the internal and external audits;
- recommend financial objectives and accounting policies to the board;
- review and recommend annual budget for board approval;
- oversee risk management;
- oversee investment policy and performance; and
- facilitate integrated effective working relationships among all the parties responsible for the financial accountability of the School Board, including the board, this and other board committees, management, the external auditors and the Provincial Auditor.
Each member of the audit committee should be financially literate (able to read and understand financial statements), which can be learned through training and education, and, to the extent possible, there should be at least one financial expert (able to prepare financial statements.)