This Policy establishes the principles that govern the appointment of the auditors of Vancouver Community College (VCC; the College) as well as the procedures that will be followed to effect the appointment.

The College is required, under the College and Institute Act (Act), to engage auditors to carry out periodic audits of its financial records.  This will ensure fiscal accountability to the College’s funding sources, the College community and the larger community that the College serves. 

This policy applies to all employees of the College, including members of the Board of Governors and Finance and Audit Committee.

1. The College follows a standard and transparent procurement process for the selection of auditors.
2. All audits are governed by, and are in compliance with, established Ministry of Post-Secondary Education and Future Skills guidelines or other related legislation. The auditors carry out an annual audit of the College’s financial records.
3. The appointment of the auditors will be for a specified term, with an option for renewal.
4. The College’s auditors report directly to the Finance and Audit Committee.
5. The College’s auditors will only perform non-audit services (consulting work) separate from their financial audit function, when they have declared to the College that doing so does not conflict with their audit engagement obligations. Regular updates concerning any separate non-audit services (consulting work) performed by the auditors shall be provided by management to Finance and Audit Committee for review. 

• Budget Transparency and Accountability Act, SBC 2000, c 23, s. 23.1
• College and Institute Act, RSBC 1996, c 52, s. 55
• Finance and Audit Committee Terms of Reference