Audit, Finance & Governance Committee

 

Audit, Finance & Governance Committee Terms of Reference

FAST has an audit, finance & governance committee which reports directly to the board of directors.

The following is the committee’s terms of reference:

 

Role of the Audit, Finance & Governance Committee

The role of the audit, finance & governance committee is to oversee the efficient financial, risk management & governance of FAST and to report and make recommendations to the board.

 

Membership, Appointment and Meeting Arrangements

  • The committee will be comprised of the Treasurer, Chairperson, CEO, Head of Finance & Operations, Board member and external person with financial expertise.
  • The Treasurer will chair the committee.
  • The membership term of the committee will be three years. Members may be asked to serve a second term.
  • The quorum necessary for the transaction of the business of the committee will be three members (one must be a director).
  • The committee may require other parties to attend its meetings, including additional board members and the external auditor.
  • The committee shall meet 6-8 times (minimum 6 meetings) throughout the year.

 

Key Responsibilities

  • Review the draft annual financial statements and related reports of the company and recommend their approval to the board.
  • Make recommendations to the board on the appointment of external auditors.
  • Monitor the external auditor’s independence, objectivity and effectiveness.
  • Review and make recommendations to the board in respect of matters raised in external annual audit report.
  • Review accounting policies, financial management processes and internal controls across the organisation.
  • Monitor expenditure to ensure that it is in line with the approved budget.
  • Review the annual budget and recommend its approval to the board.
  • Develop and assesses long-term financial strategy.
  • To approve all staff training requests were relevant (cost implications to organisation).
  • Review and report to the board on significant capital expenditure proposals.
  • Review on behalf of the board any financial or risk management issues regarded by the committee or the board as critical to the well-being of the organisation.
  • Ensure that there is an on-going risk assessment process in place and also ensure that risk management and risk avoidance measures are in place.
  • To oversee implementation of the Governance Code.
  • To conduct an annual review of FAST’S governance structures and processes.
  • To develop a Board recruitment process, to oversee the Board nominations, and other processes for Board membership.
  • To develop a review process to evaluate the board’s performance.

 

Resources

  • The board of the company will provide sufficient resources to enable the committee to satisfactorily perform its functions.
  • The committee may seek external professional advice, as it deems necessary to discharge its responsibilities.

 

Reporting relationships

  • The committee will report to the board on the outcome of its meetings and minutes of meetings will be forwarded to board members.
  • The board will review the performance of the committee on an annual basis.

 

 

 

 

 

 


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