This Committee oversees the financial reporting process on behalf of City Council and the public. The Committee is comprised of six members ordinarily residing in the City of Yellowknife, including a Member of Council, an accountant, a lawyer, a professional engineer, and a member of the community with considerable experience in the operation and management of a large entity. The Mayor also sits as an ex officio voting member of the committee.
The Audit Committee meets at least four times per year, including a meeting with the City's auditors at least twice per year without City management being present. Duties of the Committee include:
- recommending internal and external auditors for appointment by City Council;
- reviewing with City management any internal or external auditor issues concerning the financial reporting process;
- providing regular reports of Audit Committee activities to Council;
- preparing a letter to be included in the City's annual financial statements that describes the Audit Committee's activities and responsibilities; and
- performing other activities, if any, that Council or the Committee deems necessary.
The Audit Committee By-law provides more information on this committee.