Atlantic School of Theology – Finance and Audit Committees of the Board of Governors
Nova Scotia’s smallest university, AST requires that both the Finance and Audit Committees of its Board of Governors include external members with expertise in financial matters.
The Finance Committee advises and assists the Treasurer in overseeing the financial affairs of the university, including budget development and related matters of financial oversight. The role involves attendance at four regularly scheduled meetings between September and June of each year, with occasional electronic consultation as required. Meetings are held on campus, but those unable to attend physically may participate by teleconference.
The Audit Committee provides oversight of the financial reporting process, the audit process, the university's system of internal controls and compliance with laws and regulations. Main activity is from early March to Mid-June. The Audit Committee can expect to review significant accounting and reporting issues and recent professional and regulatory pronouncements to understand the potential impact on financial statements. An understanding of how management develops internal interim financial information is necessary to assess whether reports are complete and accurate. Much of the work will be done via electronic communications. Committee meetings will normally be during week days or evening, and be no longer that two hours in length. There are likely to be three meetings with the external auditors and two to four meetings with AST's President and/or Chief Finance and Administration Officer between mid-April and mid-June. The review of audit reports and preparation for instructions for the audit are expected to consume from 15 to 20 additional hours between March and June.
For further detail please contact:
David Griffiths, Chair of Governance
For more on AST please visit www.astheology.ns.ca