Standardbred Canada is seeking ‘non-Director’ candidates to serve on its Audit Committee. The Audit Committee reports to and is appointed by the Board of Directors.

The primary function of the Audit Committee is to advise the Board on the effectiveness and integrity of:

1. its financial management
2. its compliance with all legal and regulatory requirements
3. the independence and performance of the external auditors

Committee Composition:

The Board shall appoint to the Audit Committee not less than five (5) members of Standardbred Canada who are independent of management.

• Three (3) committee members shall be ‘non-Directors’
• Two (2) committee members shall be current Board members

Term of Audit Committee members:

• Non-Directors - two (2) year terms
• Can serve a maximum of two (2) consecutive terms
• Board members - one (1) year terms
• Can serve a maximum of four (4) consecutive terms

The responsibilities of the Audit Committee are as follows:

1. To advise the Board and management about strengths and weaknesses of financial controls and practices and compliance with all legal and regulatory requirements.
2. To review and advise the Board on financial statements, current accounting policies and practices, the annual budget process and the audit process.
3. To review and assess the process of appointing the external auditor and appropriate fee.
4. To review and assess the adequacy of the Audit committee mandate annually and recommend changes to the Board for their consideration.

Committee members will be remunerated for reasonable costs associated with travel and accommodation, but there is no stipend or fees for services rendered.

Candidates must be Standardbred Canada members in good standing and would ideally possess the skill sets, professional experience and knowledge of best practices that will ensure the Committee meets its goals and objectives.

Desired Attributes:

• Skills, knowledge and experience to assess and confirm that appropriate internal control systems are in place
• Understanding of financial and risk management
• Understanding of the role of audit in wider accountability frameworks
• Ability to recognize and give an independent view of possible conflicts of interest
• Relevant financial and audit experience, sufficient to enable you to competently engage with financial management and reporting
• Must be independent and have no paid business, financial or consulting relationship of any kind with SC
• Flexibility to meet in person at least three (3) times per year in Mississauga, in addition to conference calls when necessary
• Electronic means of communication with committee and administration

If you possess the attributes and are interested in serving on the Audit Committee, please forward a cover letter and résumé by fax or email by Monday, January 14, 2014 at 4:00 p.m. to:

Standardbred Canada
Caren Brown-Stockwell, Corporate Secretary
Email: [email protected]
Fax: 905-858-2442

Currently, Standardbred Canada is an association of approximately 9,700 members who are represented by a Board of Directors of 29 members. The Board represents Racetracks, Breeders and Active members which include owners, trainers, drivers, grooms and officials. A copy of the By-Laws and Regulations is available here.