Organization
The Universities Academic Pension Plan (UAPP) is a jointly-trusteed, defined-benefit pension plan with over 18,000 members from five post-secondary institutions in Alberta. UAPP’s pension fund has a market value of $7.3B and is invested in a diversified portfolio of assets.
UAPP is seeking to appoint one External Member onto its Audit Committee for an initial period of four years. The Audit Committee is composed of members of the Board of Trustees and public members appointed by the Board of Trustees. The Committee meets virtually 2-3 times a year.
Candidate
An Audit Committee member must be financially literate, which is the ability to read and understand a set of financial statements at the level of complexity of accounting issues that are in the UAPP’s financial statements.
The ideal candidate will be a financial expert. Factors that may contribute to designation as a financial expert include but are not limited to:
- education and experience as a public accountant or auditor or principal financial officer, comptroller, or principal accounting officer;
- professional certification in accounting or audit;
- experience in the preparation and/or auditing of financial statements of generally comparable institutions;
- experience with internal controls; and
- an understanding of Audit Committee functions.
Responsibilities of the Audit Committee
- To review the annual audited financial statements and to recommend their approval by the Board.
- To review and recommend to the Board the content of the annual report and its highlights.
- To monitor the accounting policies and financial reporting practices used by the UAPP, to review and approve any significant changes in such policies and practices, and to review and assess any new or pending developments in accounting and reporting standards that may affect or impact on the UAPP.
- To review, assess and monitor the financial reporting, internal controls, and procedures relating to the assets, liabilities, income and expenditures of the UAPP.
- To review and provide input to the audit plan for the external audit.
- To review with the external auditor the results of the annual audit including any difficulties encountered, their evaluation of the UAPP’s system of financial reporting and internal accounting controls, procedures and documentation, and any other matters which the auditors should bring to the attention of the Committee.
- To receive and review all follow up action or status reports relating to the recommendations of the external auditors and any other audit reports.
- To meet with the external auditors, at least annually or as requested by the auditors, without management representatives present.
- To recommend to the Board of Trustees the external auditors for the annual financial statement audit.
- To request information and explanations in regard to the accounts of the UAPP as the Committee may consider necessary and appropriate to carry out the duties and responsibilities.
- To consider any other matters at the request of the Board or which, in the opinion of the Committee should be addressed by the Board and/or the Committee, would assist the Board and/or the Committee to meet their responsibilities.
- To review annually the Terms of Reference for the Committee and to recommend any required changes to the Board.
- To have the authority to engage independent counsel and other advisors, if it is deemed necessary, to carry out the Audit Committee’s responsibilities.
- To report, at a minimum annually, to the Board.
Compensation
Members of the Committee are paid a nominal fee for preparing for and attending meetings.
How to Apply
If you are interested in becoming an External Member of UAPP’s Audit Committee, please submit your resume to chloe.muller@uapp.ca with the subject line of Application for Audit Committee. Applicants are encouraged to submit an expression of interest along with their resume.