Report: Audit Committee - February 25, 2026

REPORT NUMBER 167 OF THE AUDIT COMMITTEE

WEDNESDAY, FEBRUARY 25, 2026

CLOSED SESSION

1. Chair’s Remarks
   
   The Chair welcomed members and guests to the meeting.
2. Reports of the Administrative Assessors

The Committee moved in camera. 

Ms Kristin Taylor, University Counsel and Chief Legal Officer, reported on an ongoing legal matter.

The Committee returned to closed session.

Mr. Jeff Lennon, Interim Chief Financial Officer, provided a brief update on a newly required United States Single Audit for health-related grants the University receives from US funding agencies, and that, while there had been several spot audits in prior years, this year introduced a new formal audit requirement. Mr. Lennon further noted that the audit had been highly complex and had taken longer than expected, resulting in the work being behind the original end-of-January deadline, with completion expected in March.

Discussion

In response to a member’s question, Ms Kathi Aspros, Ernst & Young, confirmed that this would be an annually occurring audit as a result of regulatory changes that had taken effect last year.

CONSENT AGENDA

3. Report of the Previous Meeting – Report Number 166 (November 19, 2025)
   
   The report of the previous meeting was approved.  

4. Business Arising from the Report of the Previous Meeting
   
   There was no business arising from the report of the previous meeting. 

5. Date of the Next Meeting: April 15, 2026, 4:00 p.m. – 6:00 p.m.
   
   The Committee was reminded that its next meeting would be held on April 15, 2026. 

END OF CONSENT AGENDA

6. Other Business
   
   There was no other business. 

The Committee moved In Camera.

7. Risk Dashboards
   
   The Committee reviewed the updated Risk Dashboards, which reflect the most current data available for the University’s identified high, major, and moderate risks.
   
   Ms Taylor advised the Committee that the Risk Assessment Working Group continued to meet regularly and has made several refinements to the risk inventory, including the introduction of a low severity category and the reclassification of both Decline in Domestic Enrolment and Talent Shortage to that category. Workforce Disruption was added as a Major risk, and Threats to Institutional Autonomy was added as a Moderate risk.
   
   She also informed the Committee on the recruitment status for a newly established role to oversee the development of an enterprise risk management framework at the University.
   
   Professor Mabury, Vice-President, Operations & Real Estate Partnerships, provided an update on the risk associated with threats to safety on campus and online, including a summary of recent events.
8. Risk Presentation
   
   The Chair welcomed Professor Leah Cowen, Vice-President, Research and Innovation, and Strategic Initiatives, who delivered a presentation on research funding risks and mitigations.
   
   Professor Cowen noted that overall research funding increased in 2025, however cautioned that there were ongoing challenges associated with declining Tri-Agency market share and a comparative decline in market share relative to less research-intensive Canadian institutions.
   
   The Committee was advised that the key risk is that the University’s research funding market share may decline, with drivers that include complex research security compliance and international partnership requirements, an uncertain U.S. research funding landscape, variable faculty participation in funded research, and growing indirect costs (including labour, inflationary, and tariff-related increases). The presentation also emphasized that Tri-Agency funding supports core institutional activities (including trainees, personnel, equipment, and facility maintenance) and that declining funding can negatively affect commercialization and knowledge translation.
   
   The presentation also outlined additional mitigation efforts to strengthen research performance and diversify funding sources, including divisional quantitative strategic research plans and targeted supports; a strategic grant writing team providing application support and related services; and initiatives to diversify funding through Horizon Europe participation, the Canada Impact+ Research Talent Initiative, and increased engagement with defence-related research opportunities.
   
   Professor Cowen indicated that the assessment of her team was that the mitigation efforts were successfully managing the risk such that its rating was no longer High. The Chair suggested that the Risk Working Group consider reflecting this lowered risk assessment in the upcoming risk report.
9. Internal Auditor: Private Meeting
   
   Members of the administration absented themselves and the Committee met privately with Alex Matos, Executive Director, Internal Audit.

10. Committee Members Alone
    
    Committee members discussed topics of interest.

The Committee returned to Closed Session. 

The meeting adjourned at 5:58 p.m.

February 26, 2026