Audit & Finance Committee Member

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We are currently seeking two independent Audit and Finance Committee members.  One with a strong risk management background, and one with expertise in the insurance and/or pension fields with an understanding of the actuarial sciences.

 The Audit and Finance Committee is appointed by the AUMA Board to assist the Board in the oversight of the AUMA and its associated entities. The Committee is accountable for the overall probity and integrity of financial systems and practices, in particular that the:

  1. annual financial statements are fairly presented in accordance with the applicable accounting principles and financial reporting standards, and to recommend to the Boards whether the annual financial statements should be approved;
  2. information contained in and financial statements, and any reports from either body to the membership or other financial publications is not erroneous, misleading or incomplete;
  3. has implemented appropriate systems of internal control over financial reporting and that these are operating effectively;
  4. has implemented appropriate systems of internal control to ensure compliance with legal, regulatory and ethical requirements;
  5. external audit function has been effectively carried out and that any matter which the independent auditors have brought to the attention of the committee or Boards has been addressed;
  6. financial management policies are appropriate and make recommendations to the Boards regarding required amendments;
  7. annual business plans and budgets are monitored and reported to the Boards through the interim financial reporting of actual results to budget and year end estimates to budgets;
  8. financial condition is monitored and the potential issues are reported to the Boards;
  9. has implemented appropriate systems of risk management to effectively identify, manage and monitor risks and opportunities;
  10. Insurable risks and insurance coverage are reviewed annually; and
  11. Mandate and responsibilities of the Committee meet current expectations and practices for audit and finance committees.

 

The Audit and Finance Committee consists of seven members appointed as follows:

  1. two Board members, one of whom will be designated as the chair and the other vice chair
  2. one Alberta Municipal Services Corporation (AMSC) Board member appointed by AMSC Board 
  3. one APEX Supplementary Pension Plan (APEX) Board member appointed by APEX Board
  4. one municipal official
  5. two external members

 Annually an average of four Committee meetings are held at the AUMA offices and one meeting is held via phone conference.  The term of office for external members is a three year term, with a maximum of three terms.  AUMA remunerates its Committee members in accordance with the Alberta provincial government’s Committee Remuneration Order, well as all out of pocket expenses.