be financially literate 1 upon appointment or.All members appointed to the Committee shall either:.The Committee will carry out the duties outlined in this Charter and such other functions as are assigned or delegated to it by the Board.All members of the Committee shall be independent of Management and the Corporation.Such change should be on a rotation basis in order to ensure that the entire Committee is not changed at any one time. Members of the Committee should be changed on an appropriate, regular basis.There shall be an Audit Committee, the members of which shall be two or more of the non- ex officio Directors, one of whom shall be a member of the Risk Committee, and one or more of the ex officio Directors, as named by the Board.The Committee derives its mandate and responsibilities, beyond those in the FAA, from the Board. The mandate for the Committee includes the requirements of section 148 of the FAA. The Committee’s responsibilities are set out in detail in Section C, below. The Committee’s responsibilities include assisting with the Board’s oversight of: the integrity of the Corporation’s financial statements the financial reporting process the systems of internal accounting and financial controls the performance of the Corporation’s internal audit function and the performance of any special examinations pursuant to the Financial Administration Act (“ FAA”). The purpose of the Audit Committee (the “Committee”) of the Board of Directors (the “Board”) of Canada Deposit Insurance Corporation (the “Corporation”) is to assist the Board in fulfilling its oversight responsibilities with respect to the Corporation’s financial reporting processes, internal controls, and independent auditors. If the Company has a material goodwill balance, the Committee shall receive a written report on its status.” See Exhibit E, Revised Audit Committee Charter.Approved by the CDIC Board of Directors: March 8, 2006Īmended: MaMaMaand March 6, 2019 If applicable, such review shall include a review of the Company’s disclosures under ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations.’ Such review also shall include a review of the Company’s goodwill balance and any testing thereof.
of the Charter of the Audit Committee of the Board shall be amended to state in full: “Review with management and the independent accountants any quarterly or annual report prior to its filing and any release of earnings prior to its release. The third bullet point of Section III, A. At least the following matters will be reviewed at this meeting: i Any new accounting policies, standards and/or guidance relevant to the Company ( including any proposed changes to standards or guidance) and ii The adequacy of the Company’s internal controls over financial reporting, particularly with respect to goodwill. Additionally, the Company’s Chief Financial Officer will maintain the practice of, on at least a bi-annual basis, meeting with the Company’s independent outside auditor for the purpose of reviewing the Company’s accounting methods and application of GAAP rules and conventions. Audit Committee Oversight and Responsibilities. The Company’s management and Board will maintain a process to review, on at least an annual basis, the Company’s accounting methods and application of “GAAP” ( generally accepted accounting principles) rules and conventions and analyze, in consultation with the Company’s independent outside auditor, whether changes to those policies and/or practices are appropriate.
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