McGill University Audit Committee Report: May 2017.pdf

Key Highlights:

- External Auditor Tender: A call for tenders for external audit services has been issued, with results expected later this month. A recommendation will be presented to the committee in the fall.
- Tri-Agency Financial Monitoring: Progress continues from the 2016 report, with a follow-up scheduled for 2018.
- Compliance Declaration: The University is in compliance with all applicable laws and regulations as per the April 30, 2017 declaration.
- Financial Results: Quarterly financial results for the period ended January 31, 2017, and a construction project financial summary were presented.
- Internal Audits: Updates on recent and ongoing internal audits, including action items from previous reports, such as those on Accounts Payable and Student Housing.
- Audit Plan 2018: Approved by the committee, focusing on high-risk areas like IT technology, legal services, and student services.
- Contract Approval Policy: Draft policy reviewed; changes noted and input provided. Anticipated approval in the fall.
- McGill University Pension Plan: Annual report received, highlighting fund performance and actuarial valuation. Defined benefit minimum segment to continue at 2.2%.
- General Counsel Report: No significant risk exposure noted for the University.
- IT Projects: Briefing from Governor Ram Panda on IT Subcommittee activities, including approval of R2R project and upcoming IT initiatives funded by bond proceeds.
- Meeting Dates: Audit Committee meeting dates for the 2017-18 governance year confirmed.