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Finance, Audit & Risk Committee Terms of Reference

Sample Terms of Reference for a Finance, Audit and Risk Committee are available to members of Associations Forum. Please contact Kathy Nguyen at to request a copy.

1 Introduction
1.1 Importance of the Committee
1.2 Treasurer or no Treasurer
2 Duties and Responsibilities
2.1 Internal financial management, reporting and monitoring
2.2 Internal Controls to prevent and detect fraud, errors and misstatements
2.3 External financial reporting
2.4 External audit by a qualified auditor
2.5 Risk Management and Mitigation
2.6 Internal Audit
2.7 Compliance and Governance 
2.8 Avenue for whistleblowers
3 Framework and Context
3.1 Establishment of the Committee 
3.2 Authority 
3.3 Composition 
3.4 Invitees and Support 
3.5 Meetings 
3.6 Voting 
3.7 Conflicts of Interest 
3.8 Confidentiality 
3.9 Secretariat 
3.10 Minutes 
3.11 Reporting 
3.12 Reviews 
3.13 Other 

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