The Provincial Audit Committee (Committee), created under the Auditor General Act as an advisory committee to the government and the Auditor General, is comprised of up to 6 private sector members and the President of Treasury Board and Minister of Finance.
As per its terms of reference, the Committee reviews and advises the government on issues relating to financial statement presentation and disclosure, accounting policies and pronouncements, and non-financial performance information. It is also responsible for reviewing and advising on matters related to reports from the Auditor General.
The Committee also reviews and advises on any matter related to the financial affairs of the Crown in accordance with a request of the President of Treasury Board and Minister of Finance.
A review panel is formed with the specific task of considering potential candidates and preparing a short list of candidates for the President of Treasury Board and Minister of Finance’s consideration. The review panel generally comprises the current Chair of the Audit Committee as member external to government.
Appointments to the Audit Committee are made by Cabinet and Order in Council. The President of Treasury Board and Minister of Finance’s office will notify selected candidates.
Committee members come from a variety of backgrounds in management, finance, professional, academic, and/or business sectors with a complementary mix of skills and experience to allow the Committee to effectively fulfill its mandate.
Committee members should be well regarded in their communities, be of senior stature and, as a group, have:
- financial literacy, meaning the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the government’s financial statements;
- a strong understanding of governance;
- an appreciation of the public sector decision making process and accountability framework, including the unique role of this Committee;
- independence, including an unbiased perspective on the matters brought before the Committee and the members’ employment or involvement in other activities must not place them in a conflict of interest position;
- effective communication skills;
- strong support for ethics; and
- senior level experience in large organizations addressing strategic and conceptual issues.
In making its recommendations, the panel takes into account the experience and background as well as geographic balance of the current membership.
Terms of Reference (PDF, 130 KB)
Conflict of Interest Guidelines (PDF, 124 KB)