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THE STANDING COMMITTEE ON INTERNAL ECONOMY, BUDGETS AND ADMINISTRATION

ORDER OF REFERENCE


Pursuant to the motion adopted by the Standing Committee on Internal Economy, Budgets and Administration on May 14, 2020:

That the Audit Subcommittee be established and authorized to:

  1. oversee and direct the internal audit function;
  2. recommend for approval by the committee the internal audit plan, reports and recommendations regarding the internal audit function, including audit reports that have been submitted and other matters, as appropriate;
  3. review management action plans and ensure that they adequately address the recommendations and findings arising from internal audits, and that the action plans have been effectively implemented;
  4. review and present the Quarterly Financial Reports (Q1 to Q3) and the audited Financial Statements (Q4, end of year); and
  5. review of senate policies referred to it by the committee;

That the composition of the subcommittee be as follow: two Honorable Senators from the Independent Senators Group (ISG); one Honorable Senator from the Canadian Senators Group; and one Honorable Senator from the Conservative Caucus; and

That the subcommittee be required to report to the committee from time to time, including preparing an annual report with its observations and recommendations.