Item - 2019.AU1.3
- This item was considered by the Audit Committee on February 22, 2019. The Committee received the item for information only. No further action will be taken on this item.
AU1.3 - The Audit Committee: Roles and Responsibilities
- Decision Type:
The Audit Committee:
1 Received the report (January 31, 2019) from the Auditor General for information.
In today’s environment, audit committees are widely regarded as one of the cornerstones of an organization’s oversight process. Audit committees are considered to have important governance responsibilities related not only to public financial reporting, internal controls and management of financial risks, but also to the oversight of an organization’s values and ethics.
The Audit Committee is a Special Committee of City Council reporting directly to City Council. The roles and responsibilities of the Audit Committee are outlined in the Toronto Municipal Code.
Leading practices for effective audit committees require that their roles and responsibilities be clearly communicated to their members on an ongoing basis. This report is meant to address this requirement.