Finance and Audit Committee
Committee members include members of the Board of Directors and Members at Large, and are mandated to carry out specified functions, programs, or projects assigned by the Board. Governance Committees help the Board do its job.
The Finance and Audit Committee is a standing committee of the Board, with a membership of at least three, chaired by the Board Treasurer tasked with the following:
- Assurance that a fully qualified external auditor conducts a competent financial audit annually
- Presenting audit results to the Board with recommendations as required
- Annual review and provision of recommendation for updates to policies related to financial condition and activities, financial planning, budgeting and regular reporting by Executive Director.
Committee Members
- Dr. Douglas Tuck (Treasurer), St. Albert
- Dr. Noel DaCunha (President), Westlock
- Dr. Sudha Koppula (Past President), Edmonton
Terms of Reference
The Finance and Audit Committee (FAC) is a governance committee of the ACFP Board of Directors. The essence of the committee is to provide oversight of the financial activities of the ACFP. The FAC is delegated this responsibility by the ACFP Board and will advise the Board on financial items such as operating and special reserves, investments, annual audit, annual operating and capital budget planning, and quarterly review of financial reports.
This Committee reviews the adequacy and effectiveness of the operating and capital budget planning processes; the presentation and integrity of the ACFP’s financial statements, and, processes and structures for managing risk; oversees the qualifications, independence and performance of the external auditors; and, monitors financial performance against plans.