Finance Committee

Purpose

Assist the Board in the effective discharge of its responsibilities for financial reporting, internal controls, audit, compliance and risk management.

Objectives

1. Review and recommend for approval by the Board the Association’s operational and capital budgets.
2. Review and recommend for approval by the Board management’s financial reports to the Board.
3. Review the integrity of the Association’s financial reporting and internal financial systems.
4. Liaise with management and external auditors to ensure that audit processes are appropriately carried out.
5. Undertake the process of self-assessment for income tax and Fringe Benefit Tax annually and recommend for approval by the Board.
6. Oversee implementation by management of recommendations highlighted in the annual audit report.
7. Ensure that the Association has effective risk management systems and that significant or material risks are reported to the Board.
8. Review overall investment performance and asset allocation