The Audit Committee shall have the power to conduct or authorize investigations, into any matters within the Committee’s scope of responsibilities. The Committee shall be empowered to retain independent counsel, accountants, or others to assist it in the conduct of any investigation.
Deal with issues raised by SCOPA
Consider the efficacy of the internal audit function during its current form during its term.
Review the scope of work of the Internal Audit Service Provider prior to the commencement of the audit review.
Ratify the approval of the Internal Audit charter.
Concur with the appointment or removal of the Internal Audit Service Provider.
Review the activities, and qualifications of the staff of the Internal Audit Service Provider.
Approve the annual and three-year internal audit plans.
Ensure that the internal auditors effectively perform their responsibilities and duties.
Review internal audit plans and budgets.
Review the results of any audit work performed.
Review any quality assurance reviews performed on the Legislature.
Ensure internal audit complies with the relevant rules and regulations.
Ensure that the Internal Audit Service Provider maintains its independence.
Review the internal audit reports, and management’s response and make recommendations as appropriate.
Review the External Auditors strategic plan.
Review the external auditors’ fee arrangements
Review the plans and the work of external auditors
[In support of governance processes of the Legislature, which might entail meetings with the Legislature Service Board]