The audit, finance and treasury committee oversees the Chambre’s finances and drafts its budget.

With regard to financial information, the committee must:

• revise the quarterly and annual financial statements and recommend them for approval;
  
  
• correct any errors or inaccurate information in a financial statement and inform the Board of Directors;
  
  
• obtain from directors the broad outlines and budget priorities when drawing up annual budgets;
  
  
• revise annual budgets prepared by the Chambre’s management and recommend them for approval.

Pertaining to internal control, the committee must:

• make sure that the appropriate internal control procedures are set up to protect the Chambre from the major risks it is exposed to;
  
  
• study issues involving extensive estimating and judgement, such as the creation of provisions;
  
  
• review and monitor the use of financial policies adopted by the Board of Directors.

In terms of the external audit, the committee must:

• submit the annual financial statements to the Board of Directors and recommend them for approval;
  
  
• meet with the external auditor and revise the scope of the audit mandate and the associated strategies;
  
  
• each year, review the materialities in accordance with audit risks;
  
  
• discuss audit highlights, the summary of errors and the discrepancies identified;
  
  
• revise the letter of recommendation after the annual audit or any other report directed to the Chambre’s management and ensure follow up;
  
  
• review special mandates given to the auditor, as well as associated fees, and determine whether the auditor’s independence is impaired;
  
  
• recommend an auditor for the next fiscal year and review his/her remuneration.

With regard to finance and the treasury, the committee must:

• make sure the Chambre has the necessary liquidity for its current operations;
  
  
• assess the different financing options and, if necessary, submit recommendations to the Board of Directors.

Lastly, the committee must:

• examine the new statements of accounting principles from the Canadian Institute of Chartered Accountants (CICA), regulatory agencies or international practices, and their repercussions on the Chambre;
  
  
• review major litigation that has an impact on the financial results and obtain a management report;
  
  
• receive all information that the Chambre’s management deems relevant to bring to the attention of committee members;
  
  
• study all issues that the Board of Directors feels should be addressed to the committee;
  
  
• recommend an investment policy to the Board of Directors and oversee its management;
  
  
• make all recommendations the committee deems necessary to the Board of Directors.

COMPOSITION

5 members, distributed as follows:

• 2 Chambre directors, one of whom is designated as the head;
  
  
• 1 section representative;
  
  
• 2 members of the Chambre.