About the Role

Background

Innovators & Entrepreneurs Foundation (IEF) is a national charity dedicated to support, educate & celebrate innovation & entrepreneurship among business owners in marginalized communities.

Our objectives:

• Support entrepreneurs and innovators within marginalized communities nationwide
• Create education and mentorship opportunities designed specifically for entrepreneurs within marginalized communities
• Deliver reliable, in-depth research to steer advocacy with both the private and public sector to influence change for the better
• Celebrate and promote excellence in Canadian innovation and entrepreneurship in marginalized communities

IEF’s sole “member” is the Canadian Women’s Chamber of Commerce, who manages/stewards the charity. 

About This Committee

The Audit Committee ensures that IEF adheres to all relevant financial regulations and best practices. It also plays a vital role in advising the executive and board on risk management and compliance.

Audit and Compliance

• Review the audit findings and ensure that the organization addresses any audit recommendations, including corrective actions to improve financial reporting, controls, or compliance procedures.
• Ensure that IEF complies with all legal, regulatory, and tax requirements, including relevant nonprofit financial regulations and laws related to business and fiscal responsibility.
• Evaluate adherence to financial policies and procedures, including internal controls to safeguard assets and prevent fraud or mismanagement.
• Recommends policies to enhance financial transparency and accountability within the Chamber, promoting trust and confidence in the organization’s financial practices.
• Oversee any future selection and engagement of independent external auditors to conduct an annual audit of IEF’s financial statements, ensuring the process is thorough, objective, and transparent.

Risk Management and Financial Reporting

• Identify, assess, and recommend strategies to mitigate financial risks, including those related to cash flow, investments, and broader economic trends that may impact the organization.
• Ensure that IEF has appropriate financial controls, policies, and systems in place to safeguard its assets and manage risks effectively.
• Prepare an annual Risk Assessment Memo to the Board (cc: Auditor).

Fraud and Misconduct

• Assess whistleblower policies and practices to ensure staff and stakeholders feel safe reporting fraud and other misconduct.
• Review reports of alleged fraud, misconduct, and other violations received through whistleblower programs and determine a course of action.

Diversity, Equity, and Inclusion in Financial Practices

• Ensure that IEF’s decisions reflect its values of social justice, including considering environmental, social, and governance (ESG) factors in financial decision-making.
• Advise the board on financial strategies that support feminist and anti-oppressive business practices, including investing in women- and minority-owned businesses, ethical sourcing, and corporate responsibility.

Application Deadline

Start Date

Place of Work

Reports to

Duties & Responsibilities

Committee members can expect to spend 5-10 hours a month on IEF committee-related work, including reading emails, reviewing reports, preparing for meetings, and other activities related to this specific committee, to be set by the future committee Chair.

• Prepare for and attend meetings as scheduled. (Meetings will be virtual.)
• Participate in development or training sessions if/when offered or required. 
• Read and know IEF bylaws, policies and procedures.
• Make introductions between your network and IEF board, executives
• Maintain and uphold confidentiality. 

The chair of this board MUST have a CPA or equivalent designation. 

The chair of this board MUST be a member of the Board of Directors wherever possible.

How to Apply

Please fill out the application linked HERE or scan the QC code below. All committee applicants fill out the same applications as the Board of Directors.