A matter of primary importance - Making the most of audit committees in primary and secondary education institutions

Across Canada, public and private school boards are facing increased pressure and scrutiny to curb financial expenditures. Complex and evolving accounting regulations along with government mandates further spurs the need to structure effective audit committees with the appropriate financial expertise.

However based on field work observations by the PwC K-12 Consulting team, many school boards have yet to set up audit committees, even those in jurisdictions that have regulatory requirements to do so.  This document highlights:

  • the various provincial government mandates in setting up audit committees
  • identify the emergence of new audit committee practices and the benefits in adopting these new practices
  • standard practices of high-performing education sector audit committees
  • and  implications that can arise in the relationships between audit committees and other board committees.