Finance & Accounting Committee

MANDATE

The Finance & Accounting Committee (FAC) acts under the overall direction of the General Legal Council and has responsibility for the finances of the Council.  Its role and responsibility is to provide support and advice to the Council in budgetary and financial matters, whilst being fully transparent and accountable in its handling of its resources.

MEMBERSHIP

Committee members need not be members of General Legal Council. They must be persons of good reputation and be in good standing with Council. The membership may include qualified accounting professionals. There are presently five members of the Committee.

PURPOSE AND SCOPE

In order to support decisions by the Council, the FAC will present an annual financial report in respect of the achievement of the Strategic Plan objectives.

FUNCTIONS

The key functions of the Finance & Accounting Committee (FAC) are to:

  1. Analyse the financial implications of implementing the Strategic Plan and report the assessment to the Council;
  2. Review and recommend to the Council the annual budget prepared by management – Operating Expenses, Profit and Loss Account and Balance Sheet, Capital Expenditure for the next financial year;
  3. Make recommendations in relation to practicing certificate fees;
  4. Recommend cost saving initiatives to improve efficiencies in operations;
  5. Compare the Council’s actual, budget and cash flow position on a quarterly basis, making recommendations for areas of shortfall;
  6. Periodic review of internal policies – Authorities Schedule, Investments policy, Purchasing policy, Schedule of Insurances;
  7. Assess the financial implications of any new projects during the year, not included in the budget appropriations approved by the Council, and make recommendations to the Council concerning their funding;
  8. Examine the Audit Report prepared by the External Auditors to recommend that the Council approve those accounts.

The Committee may be contacted at finance@generallegalcouncil.org. Comments are invited below.

Other Council committees:


Comments invited