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unofficial consolidation, the official version is held by the municipal clerk.
Policy:
Coverage:
Council Approval:
Effective Date:
AD-011
Town of Stellarton
2018/06/11
2018/06/11
## Purpose
The primary purpose of the Audit Committee is to provide advice to Council on all matters relating to audit and finance. The objectives of the Committee are to a) fulfill the requirements outlined in Section 44 of the Municipal Government Act and b) assist Council in meeting its responsibilities by assessing the adequacy and effectiveness of financial reporting, risk management and internal controls and making recommendations as deemed appropriate.
## Scope
The Policy is applicable to all serving members of the Town of Stellarton Audit Committee referencing the Nova Scotia Municipal Government Act (MGA) (To be formed as per provincial requirements)
## Definitions
## Procedure
Composition - The Audit Committee will consist of the Mayor, 4 Councillors, and 1 qualified citizen at large. The citizen appointment will serve 3 year terms to maintain knowledge base.
Council will select a member of Council as Chair at the March meeting for the next fiscal year. All Committee members serve without pay.
## Duties and Responsibilities
## Audit
- a. Review the qualifications, independence; quality of service, performance and fees of the External Auditors, annually and recommend the appointment of an auditor to Council;
- b. Carry out the responsibilities of an Audit Committee contained in Section 44 of the Municipal Government Act;
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## AUDIT COMMITTEE POLICY
- C. Review with Management and the External Auditor, the annual audited financial statements and recommend the approval to Council;
- d. Review with Management, the internal control management letter received from the auditors and recommend any changes to Council as required.
## Finance and Risk Management
- a. Review with Management the quarterly financial package to be presented to Council and recommend approval;
- b. Review with Management annually all financial policies including those used in the preparation of the external financial statements;
- c. Review with the Management the adequacy of internal controls;
- d. Review with Management annually risk management practices including insurance coverage.
## Administration
The meeting of the Committee will be held at least quarterly in April, July, October and January. Additional meetings may be necessary to review items relating to the audit and will be called by the chair.
The Clerk and Financial Accountant will provide staff support to the Committee.
## Clerk's Annotation for Official Policy Book
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Date of Notice to Council Members of Intent To Consider (Minimum 7 Days):
Date of Passage of Current Policy
I certify that this Policy was adopted by Council as indicated above.
thedo
Town Clerk
July 13,2018
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