Page 72 - 2008_2009_Annual_Report

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SIGA’s Governance Practices
Does SIGA Align?
NI 58-101F1, section 8 continued…
External Audit
Represent the shareholders in all dealings with the
external auditors, recognizing that the external auditors
are accountable to the board members and the audit
committee as representatives of the shareholders.
Recommend to the board the appointment, reappointment
or dismissal of an external auditor.
Establish the independence of the external auditor.
Review the annual audited financial statements prior to
their submission to the board for approval. This review
shall include an in-camera meeting with the external
auditor/Provincial Auditor.
Finance
Review and recommend to the board key financial targets
and the operating and capital budgets including significant
budget assumptions.
Review and report to the board monthly financial results,
including a comparison of actual to budgeted results with
reasons for significant variances and financial forecasts.
Review and report to the board periodically on operating
results (i.e. progress relative to the strategic plan and the
business plan).
Review and report to the board any changes in accounting
policies or significant transactions that impact the
financial statements.
Other
Oversee the Authority’s risk assessment and risk
management processes.
Understand the Authority’s systems of internal control for
ensuring compliance with legal, ethical, code of conduct,
regulatory and financial reporting requirements, and
periodically review the adequacy of the systems with both
the external auditor and the internal auditor.
Ethics Advisory Committee
The board has approved a mandate for the Ethics Advisory
Committee with core responsibilities for:
Monitoring best practices in corporate ethics and annually
reviewing the Authority’s ethics policies, processes and
practices to ensure that the Authority continues to exemplify
high standards of corporate ethics.
Annually receive and consider directors and senior managers
Conflict of Interest Declaration forms. When necessary, make
recommendations to the board regarding actual, potential
and perceived conflicts of interest. No waivers were granted
in 2008/09.
When necessary, engage the internal auditor to undertake
investigations into allegations of wrongdoing. Make appropriate
recommendations to the board and/or President and CEO.