Policy Section: Board of Directors

Policy Subsection: Audit, Finance and Risk

Policy Title: Audit

Policy Statement

The financial systems of Swimming Canada are evaluated on an annual basis through the performance of a third party audit. The results of each audit are reported to the Board and to the members.

Purpose

Swimming Canada has a fiduciary responsibility to ensure the integrity of its accounting records. This policy is intended to ensure there is an open avenue of communication between key financial Swimming Canada staff, the independent auditor, and the Swimming Canada Board of Directors.

Application

Swimming Canada financial staff, under the direction of the CEO, is responsible for preparing all financial information, and for establishing and implementing systems of internal control and review.

The external auditor’s responsibility is to audit the organization’s financial statements, and to report on the organization’s systems of internal control.

The Audit, Finance and Risk Committee’s role is one of oversight.

Responsibilities

Limitations

It is not the duty or responsibility of the Audit, Finance and Risk Committee or any of its members to plan or conduct any type of audit or accounting review or procedure.

References

Swimming Canada ByLaws
Swimming Canada Audit, Finance and Risk Committee Terms of Reference
Swimming Canada Financial Reporting Policy
Swimming Canada Investment Policy

Review and Approval