In today’s environment, audit committees are widely regarded as one of the cornerstones of an organization’s oversight process. Audit committees are considered to have important governance responsibilities related not only to public financial reporting, internal controls and management of financial risks, but also to the oversight of an organization’s values and ethics.
The Audit Committee is a Special Committee of City Council reporting directly to City Council. The roles and responsibilities of the Audit Committee are outlined in the Toronto Municipal Code.
Leading practices for effective audit committees require that their roles and responsibilities be clearly communicated to their members on an ongoing basis. This report is meant to address this requirement.