4-40 ANNUAL AUDIT

POLICY

Each year at the Board's Annual General Meeting, auditors will be appointed as per the provisions of the Corporation’s By-Laws. Audited financial statements will be prepared annually in accordance with Generally Accepted Accounting Principles following the fiscal year-end and approved prior to the Annual General Meeting by the Resources Committee.  The audited financial statements will be presented at the Annual General Meeting for approval by the members and the Board of Directors.  Audited financial statements will be available for public inspection at the Annual General Meeting or by calling the Agency to request a copy.

PROCEDURE

Periodically, a tender for auditors will be posted and responses reviewed prior to the appointment at the Annual General Meeting.  The lowest tender will generally be recommended to the Board for approval.  If a higher cost tender is recommended, specific reasons for the additional cost will be cited.

The Accounting Manager will keep a working paper file for each year-end with copies of the working papers to be given to the Auditor to facilitate the annual audit.  Audited financial statements will be submitted with appropriate reports to the various Ministries as required. 

A letter of representation from the Auditor will be received annually, listing (if applicable) any areas of the internal control procedures and accounting systems in general that are in need of improvement. The Executive Director and Director of Finance review and present resolution(s) to address areas in need of improvement to the Resources Committee and the Board of Directors for approval. 

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