St. Jerome’s University Archives
Audit Committee, 1986-1993
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Audit Committee, 1986-1993

ADMINISTRATIVE HISTORY: The Audit Committee was a standing subcommittee of the Board of Governors of St. Jerome's University. Its mandate was to review financial statements before their submission to the Board; to meet with the independent auditors to discuss any matter they wished to bring to the committee's attention; to review the steps taken to eliminate potential weaknesses in internal control; and to review the scope and findings of the independent audit. Membership on the committee (as of 1994 to 1998) was comprised of the Treasurer of the Board of Governors, who served as Chair of the committee; the independent auditor; the President; the Comptroller; and two appointed external members. In early 1998, after a restructuring of the Board, the Audit Committee became a sub-committee of the Finance Committee. Its duties were changed slightly: the Audit Committee is to review the annual report and the financial statements of St. Jerome's University, the Auditor's reports, internal controls over the financial reporting process, audit matters, and financial reporting issues. The committee is to report its findings to the Board of Governors for approval. The committee is also to recommend who shall be appointed as Auditor. The members of this committee are to be those external members of the Finance Committee who are not officers of the Board of Governors. SCOPE AND CONTENTS: This subseries includes correspondence, minutes of meetings, and tenders by audit firms. The records are in chronological order.