AUDIT COMMITTEE OVERSIGHT PROCESS PROFESSIONAL
AUDIT COMMITTEE OVERSIGHT PROCESS FREE

At the same time, there are areas of expertise that must be found in the competency matrix for each DAC member to enable him or her to fulfill the requirements of the Policy on Internal Audit:

Governance (including planning, reporting and oversight) andД®ach department will have distinct skills and experience requirements that reflect its particular mandate or practices.

Functional knowledge in areas such as the following:.

Senior-level experience in the governance of complex organizations and.

General business and public sector knowledge and experience.

Audit and investigative knowledge and experience.

AUDIT COMMITTEE OVERSIGHT PROCESS PROFESSIONAL

Financial knowledge and experience (at least one member will hold a professional accounting designation).The key competencies of a DAC are as follows: This will be done three times per year via a Treasury Board submission. On the recommendation of the President of the Treasury Board. The Comptroller General and the deputy head jointly recommend candidates for Treasury Board approval. Joint recommendation of candidates for Treasury Board approval by the Comptroller General and the deputy head. Departmental representatives arrange calls with selected candidates to discuss needs and assess compatibility.ДЈ. The OCG contacts candidates selected by the department for further consideration to solicit their interest and availability. The Office of the Comptroller General ( OCG) creates a long list of potential candidates who match departmental needs. Matching of potential candidates against the Competency Profile for a DAC and departmental needs. The department determines expertise, background, composition, etc.Дў. Represent an experience blend of private sector and public sector.The calibre of members sought is high because trust will be placed in committees with accomplished and experienced individuals Bring and are perceived to bring independence and unencumbered capacity to objectively provide challenge, advice and recommendations in an advisory capacity.To recommend to the Treasury Board for appointment departmental audit DAC members who:.To enable the deputy head to build a dynamic committee whose collective skills meet the Competency Profile for a Departmental Audit Committee ( DAC) and the department's needs.To provide for transparency in the selection of candidates.The approach was selected following consultations with representatives of the former Public Appointments Commission Secretariat, which confirmed that the approach meets the requirements of a fair, transparent and merit-based selection process. (6.4.4) Process for the recruitment and appointment of Departmental Audit Committee membersДЄ process for recruiting and appointing departmental audit committee ( DAC) members has been developed in consultation with departments. The audit committee shall have, at a minimum, three members.

AUDIT COMMITTEE OVERSIGHT PROCESS FREE

(6.4.1)ДЄudit committee members shall be free of any real or perceived conflict of interest. Committee membership from within the federal public administration is to be limited to individuals at the level of deputy head. Members of an audit committee are to be selected so that their collective skills, knowledge, and experience will allow the committee to competently and efficiently undertake its duties.

However, diversity of experience is encouraged.

Membership of audit committees should be based on the overall skill set required within the department or portfolio. Excerpts from the Directive on Internal Auditing in the Government of Canada:ДЄudit committees are to include a majority of external members recruited from outside of the federal public administration.

Audit committee oversight process