FAC Roles and Responsibilities

The Finance and Audit Committee reports to Council and has a financial and audit oversight role. These must be defined in the terms of reference for the Finance and Audit Committee that must include the financial and audit oversight responsibilities listed below.

The Finance and Audit Committee must review and recommend the following to Council:

  • draft yearly budgets and multi-year financial plans for the First Nation
  • the financial performance of the First Nation and compare any differences between the actual results and what was set out in the budget. Any large differences must be reported to Council
  • the First Nation’s quarterly (once every three months) financial statements

The Finance and Audit Committee is also responsible for the following:

  • make recommendations to Council about the selection, work and performance of the auditor
  • make sure that an auditor is independent
  • make recommendations to Council about the planning, actions and results of audit activities
  • review and make recommendations to Council about the First Nation’s audited yearly financial statements. This includes the audited yearly financial statements about local revenues and any special purpose reports
  • make recommendations to Council about the policies, steps or directions on expenses that can be paid out. This includes the standards for expenses of Councillors and employees
  • keep an eye on financial reporting risks and fraud risks. This includes making sure that the tools and guidelines currently in place for monitoring and reviewing risks are valid as well as considering the cost of creating and using these tools and guidelines
  • review the FAL and recommend any changes to Council. This includes creating regular and on-topic reports for Council
  • any other reporting needs as outlined in the FAL

Continue to learn more on FAC Members »