FAC Roles and Responsibilities [First Nations Financial Management Board, FNFMB]

The Finance and Audit Committee reports to Council and has a financial and audit oversight role. These must be defined in the terms of reference for the Finance and Audit Committee that must include the financial and audit oversight responsibilities listed below.

The Finance and Audit Committee must review and recommend the following to Council:

draft yearly budgets and multi-year financial plans for the First Nation
the financial performance of the First Nation and compare any differences between the actual results and what was set out in the budget. Any large differences must be reported to Council
the First Nation’s quarterly (once every three months) financial statements