- Receive regular reports and an annual report relating to risk management
processes
for identified business risks,
and review the effectiveness of control
and control systems
used by the University in connection therewith;
- Review incidents of fraud, illegal acts, and conflicts of interest;
- Review the quality and accuracy of computerized accounting systems, the adequacy
of
the protection against damage
and disruption, and the security of confidential
information
through information systems reporting;
- Review current and outstanding litigation;
- Complete periodic self-assessments of the Audit Committee's effectiveness against its mandate and report the
results to the Board; and
- Review and ensure that procedures are in place for the receipt, retention and treatment of complaints regarding
accounting, internal accounting controls or audit matters.
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