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Audit Committee Policy
(June 16, 2008)
SHORT TITLE.................................................................................................................................... 2
POLICY OBJECTIVE .......................................................................................................................... 2
POLICY PRESENTATION ................................................................................................................... 2
CLERK'S ANNOTATION .................................................................................................................... 3
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Policy Book - Town of Pictou
Short Title
To establish an Audit Committee for the Town of Pictou in accordance with Section 44
(1) of the Municipal Government Act.
Policy Objective
The objectives of the Audit Committee Policy are to:
a. state Council's policy with respect to the role of the Audit Committee as part of
the yearend audit and preparation of the annual financial statements;
b. define the objectives of the Audit Committee as an advisory committee of
Council;
c. determine the membership of the Audit Committee; and
d. set out the Terms of Reference for the Audit Committee;
Policy Presentation
The Town of Pictou shall establish an Audit Committee as an advisory committee to
Council to oversee the yearend audit and preparation of the Town's annual financial
statements. The Audit Committee will facilitate public accountability and Council's
fiduciary responsibility for the public funds under their control.
Objectives of the Audit Committee
The objectives of the Audit Committee are to:
a. help Council meet its fundamental responsibilities of protecting the municipal
assets and managing operations as efficiently as possible;
b. provide better communication between the auditor and council and promote better
understanding of the audit process;
c. enhance the external auditor's independent position;
d. increase credibility and objectively of the Town's financial report; and
e. strengthen the role of Council and Committee members.
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Policy Book - Town of Pictou
Membership
The Audit Committee shall be comprised of the Mayor and four elected Councilors. As
well, the CAO and Accountant shall be non-voting members of the Audit Committee.
Clerk's Annotation
Clerk's Annotation for Official Policy Book
Date of Notice to Council Members
of Intent to Consider [7 days minimum]: _______June 9, 2008___________
Date of Passage of Current Policy:
_______June 16, 2008__________
I certify that this Policy was adopted by Council as indicated above.
____________________________
________________________
Scott Conrod
Date
C.A.O. / Town Clerk