On September 23, 2010 the Ministry of Education announced the release of Regulation 361/10 regarding the establishment of an Audit Committee by every school board in the Province of Ontario by January 31, 2011. 

The primary role of Audit Committees is to provide assurance to the Board of Trustees that the School Board has the appropriate culture, personnel, policies, systems, and controls in place to safeguard the School Board's assets and to accurately report financial information to internal and external users.

Summary  of Audit Committee Requirements Annual Report of the Niagara Catholic Audit Committee for the Fiscal Year Ended August 31, 2011