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6.1.6.2 Audit Policy Appointment of External Auditors

Appointment of External Auditors

Terms of Reference

An external independent auditor is required to conduct an audit annually to comply with the mandate of the College.

The Finance / Audit Committee as delegated by the Board of Regents shall arrange for:

• The selection and appointment of an independent external auditor
• An independent audit and report of the findings of the audit to the Board.
  

Auditor Selection Process and Policy

Board of Regents, through the Finance / Audit Committee will:

• Evaluate the performance of the external auditor annually.
• Complete a full review of external audit services at least every five years to determine if the external audit will be tendered.
• Appoint the external auditor on the recommendation of the Finance / Audit Committee on an annual basis
• Approve the contract terms and conditions and annual fee for service
  

The Finance Audit Committee will:

• Review the performance of the independent auditor and report its findings to the Board on an annual basis.
• Recommend to the Board, following consultation with the Chief Executive Officer, the appointment of the independent auditor for the ensuing year.
• In consultation with senior management, approve the processes to be used for selection of an external auditor.  These processes include the determination of the number of audit firms to be contacted, the method of requesting and evaluating requests for proposals and the timeframe to complete the process.
• Determine the terms and conditions for the audit, and recommend approval of associated fees for service.
• Ensure the integrity of the Audit process by:

• Endeavoring to maintain the same process and Auditor where possible
• Changing Auditors only where there are grounds including:

• Quality of the audit
• Cost of the audit

• Review and recommend to the Board:

• the terms and conditions for the audit annually to ensure that they comply with the current standards
• the performance of the external auditor