External Director: Audit Committee

at  Toronto Metropolitan Students Union

The Toronto Metropolitan Students’ Union (TMSU) is seeking a Candidate to sit on the TMSU Board of Directors and Audit Committee. This Candidate will be responsible for providing professional guidance and advice to the Audit Committee.

QUALIFICATIONS

• Registered as a Chartered Professional Accountant or Certified Management
• Accountant in good standing;
• Commitment to the purposes of the TMSU;
• Demonstrate the highest degree of ethical conduct, accountability and professionalism;
• Understand the importance of, and ability to maintain confidentiality;
• Experience in the post-secondary sector and students’ union sector is considered an asset but not a requirement; and
• Experience as a director with organizations of similar or greater size is considered an asset but not a requirement.
• Experience providing auditing services or sitting on an audit committee;

RESPONSIBILITIES

The TMSU External Directors provide neutral and impartial advice and bring external expertise based on their professional experience to the various committees of the TMSU. This new governance mechanism will enhance the fairness and accountability of the TMSU to ensure the Board of Directors of the TMSU is making informed decisions around operations, strategy and governance. External Directors will be non-voting on the TMSU Board of Directors but will have voting powers at the Committee they are appointed to assist with.

References in TMSU By-Laws: www.yourtmsu.ca/governance

• Board of Directors: By-law 4
• External Directors: By-law 4.8
• Audit Committee: By-law 5.7

DEFINED DUTIES:

• Participate in Audit Committee Meetings;
• When required, attend the monthly Board of Directors Meetings;
• Abide by the TMSU Board of Directors Code of Conduct, including the disclosure of real or perceived conflicts of interest in advance of any committee discussions and refraining from any discussion or voting if necessary;
• Act honestly and in good faith with a view to the best interests of the TMSU;
• Exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances;
• In conjunction with the Audit Committee Members:
• Review the TMSU for compliance with any funding agreements and contracts;
• Ask the Financial Controller for “samples” on a monthly basis to be reviewed;
• Investigate breaches of contract with the TMSU;
• Monitor the use of all TMSU membership fees;
• Annually recommend the TMSU’s auditor for ratification at the Board of Directors and General Meeting;
• Oversee the TMSU’s external audit and include it with the Committee’s report to the Board of Directors;
• Review the TMSU’s audited financial statements in advance of their presentation to the Board of Directors and General Meeting;
• Review all alterations to the TMSU’s budget for the purposes of verifying compliance with legislation and operating agreements;
• Review for transactions of the TMSU for appropriateness and compliance with the TMSU’s budget;
• Review all expenditures made on the TMSU’s credit cards;
• Investigate any inappropriate transactions or significant variances against the TMSU’s budget;
• Have the authority to require to appear before it, in a reasonable period of time, any TMSU employee or member of the Board; and
• Make recommendations to the Financial Policy of the TMSU for adoption by the By-laws & Policy Committee and the Board of Directors.