1 — PURPOSE
The purpose of this policy is to establish i) a requirement that the Audit Committee pre-approve certain engagements of the University’s external auditor and ii) a requirement that the external auditor report to the Audit Committee annually on all services provided to the University.
2 — POLICY
The Audit Committee must pre-approve any audit or non-audit engagement where the fee is, or is reasonably anticipated to be, in excess of 10% of the University’s financial statement audit fee. Between meetings the Chair may pre-approve engagements on behalf of the Committee. It is the responsibility of the Vice-President (Administration), and not of the external auditor, to ensure that necessary pre-approvals are obtained. However, the external auditor will report annually to the Audit Committee on all engagements by the University and on the fees charged for each engagement.