Oversee The Internal Audit Function And Reports

1. Review privately with the Chief Internal Auditor a summary of findings, any
   restrictions on his or her work, cooperation received, special investigation reports,
   findings from third party auditors (not including the appointed public accountants performing the annual financial statement audit), and any recommendations arising therefrom;
2. Review the proposed audit plans for the coming year, the criteria upon which they are based and the coordination of such plans with the external auditors;
3. Periodically review and approve the internal audit mandate (the Internal Audit Department Policy Statement) for continued relevance;
4. Review audit progress, findings, recommendations, responses and follow-up actions;
5. Satisfy itself as to internal audit independence, cooperation received from management, interaction with external audit and any unresolved material disagreements with management;
6. Review the budget, organisational structure, and qualifications of the internal audit department; and
7. Through its Chair, act as the formal supervisor of the senior internal audit officer and, in consultation with the Vice President (Administration), appoint or discharge the senior internal audit officer and complete an annual performance review of the senior internal audit office.