In September, 2010, important concerns regarding the impacts of oil sand industry on the environment in the Lower Athabasca River Basin resulted in the creation of the oil sands advisory panel. This panel was set up to examine and evaluate the existing system for research and monitoring and identify strengths and weaknesses regarding water monitoring in the Lower Athabasca River Basin and connected waterways. In this report, the panel provides important elements to guide the monitoring of water quality and quantity. The panel has identified several organizations or individuals contributing to the research and monitoring of the Athabasca River system but also points out in the document that the research has not yet led to a consensus regarding the impacts of oil sands development on the environment. It has also been observed that no standardized data management system has been put in place to facilitate the access to data for interested parties. Important weaknesses in the existing monitoring system were identified by the panel. The advisory panel recommended the implementation of a credible and transparent, comprehensive and adaptive monitoring program, through a collaborative work between relevant jurisdictions and stakeholders. 50 refs.