UWSS Inc. Finance & Audit Committee

The Union Water Supply System Inc. (UWSS Inc.) was created on February 24, 2023, as a Municipal Services Corporation (MSC) under Ontario Regulation 599/06 of the Municipal Act, 2001. UWSS Inc. began its first fully incorporated year on January 1, 2024, with its assets being transferred on April 22, 2024.  As part of the General By-Law No. 1 "the Board may establish committees composed of Directors or other persons and may delegate specific administrative functions to said committees subject to such terms and conditions as the Board decides from time to time". 

As part of the Terms of Reference for the Finance and Audit Committee the purpose of the said committee is to assist the Board in fulfilling its obligations and oversight responsibilities relating to financial planning, the audit process, financial reporting, the system of corporate controls and risk management, and when required, to make recommendations to the full Board for approval.  Responsibilities of the Committee include but are not limited to the following:

• Oversee the Corporation’s accounting and financial reporting processes. 
• Review of the Corporation’s financial statements.
• Monitor the Corporation’s compliance with legal and regulatory requirements. 
• Assess the external auditor’s qualifications and independence and monitor the performance of the Corporation’s internal audit function and external auditors without assuming responsibility for management’s day-to-day duties.