Advancing medical regulation on behalf of
the public through collaboration, common
standards and best practices.

Audit, Finance and Risk Committee

Members

Dr. Gus Grant, Chair College of Physicians & Surgeons of Nova Scotia
Ms. Tracy Simons College of Physicians and Surgeons of Alberta
Dr. Anna Ziomek College of Physicians & Surgeons of Manitoba
Dr. Laurie Potter College of Physicians & Surgeons of New Brunswick

Staff Coordinators

Dr. Marcie Lorenzen Executive Director

Terms of Reference

Excerpted from the by-laws:

8.8

Audit, Finance and Risk Management Committee

8.8.1 Members of the Audit, Finance and Risk Management Committee should have familiarity with financial matters; audits; fiscal issues and general banking. No member of the Audit, Finance and Risk Management Committee may be related to another member of such Committee.
8.8.2 The Audit, Finance and Risk Management Committee shall consist of four (4) individuals:

8.8.2.1 The Chair shall be a Director of FMRAC and shall be appointed Treasurer.
8.8.2.2 Two individuals shall be Directors of FMRAC who are not officers of FMRAC.
8.8.2.3 One individual shall be a Chief Financial Officer, or equivalent, of a Member then holding office.

8.8.3 The duties of the Audit, Finance and Risk Committee shall be prescribed by the Board and shall include the following:

8.8.3.1 Reviewing the annual audit plan in conjunction with the auditors.
8.8.3.2 Reviewing compliance with laws and internal policies applicable to FMRAC.
8.8.3.3 Preparing the draft budget of FMRAC for approval by the Board.
8.8.3.4 Reviewing the budget of FMRAC periodically and making recommendations for any adjustments.
8.8.3.5 Reviewing the financial statements of FMRAC in consultation with FMRAC’s auditor.
8.8.3.6 Considering and recommending to the Board the reappointment or appointment of auditors.
8.8.3.7 Considering qualification for membership on the Audit, Finance and Risk Committee.
8.8.3.8 Reviewing and updating the financial policies of FMRAC.
8.8.3.9 Reviewing FMRAC’s risks and risk management activities and receiving regular updates on the risk register.
8.8.4 The Audit, Finance and Risk Committee shall meet with the auditors at least once per fiscal year or as may be required either by a request of the Committee or the auditors.
8.8.5 Meetings of the Audit, Finance and Risk Management Committee may be either in person or by telephone or electronic means.