External Audit Policy

Effective Date: January 7, 2014
Downloadable Version: Dowload PDF Templates External Audit Policy
This document is available in alternate format on request.

Purpose/Rationale:

The Humber College Institute of Technology and Advanced Learning (hereafter referred to as “Humber” or “the College”) is a not-for-profit postsecondary institution, operating under the Ontario Colleges of Technology and Applied Arts Act, 2002, and is accountable for public funds. High standards for the responsible use of financial resources are vital to public trust and the achievement of our mission. The purpose of this policy is to ensure that the College undertakes an external audit of the financial records annually, in accordance with the Ministry, Training, Colleges and Universities (MTCU) requirements and the audit standards of the Canadian Institute of Chartered Accountants.

This document is available in alternate format on request.

Scope:

This applies to all Humber financial records/accounts on a consolidated basis.

Definitions:

Audit: is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework.

Policy:

1. External auditors, licensed under the Public Accounting Act, 2004  shall be appointed annually to review the financial records of the College.

2. The Audit and Finance Committee of the Board of Governors shall issue a call for tender by invitation to accredited, recognized firms of auditors who are licensed under the Public Accounting Act, 2004.

3. The College shall use a competitive process to select an external auditor.

4. The external auditor may be renewed by the Board of Governors, subject to the annual Audit and Finance Committee review of the auditor’s work performance, for a period not exceeding five consecutive fiscal years plus a two year extension for appropriate business reasons without a competitive process.

5. The financial records of the College shall be audited after the end of each fiscal year.

6. The audited financial statement shall be reviewed by the Audit and Finance Committee of the Board and approved by the Board of Governors.

7. The approved audited financial statement shall be submitted to the MTCU as per their required date, generally prior to June 15th.

8. The Audited financial statement will be made available to the public on the College’s website as part of the Annual Report and in hard copy format by request.

Appendices:

None.