The ARMC being a committee of the Council derives its powers and duties from the Council and these may be varied or expanded with time by the Council.
The primary objectives of the Audit and Risk Management Committee is to assist the Council in fulfilling its oversight responsibilities for the system of internal control, the audit process, the financial reporting process, and the Institute’s process for monitoring compliance with laws and regulations. The Committee is also to review the principal risks identified by the Management and to oversee the implementation of appropriate systems to manage these risks.
The scope of work of the ARMC shall be extended to include the regional offices of the Institute.
The Committee has authority, within the scope of its responsibilities, to:
- Approve the Internal Audit Charter, which defines the mission, scope of work, independence, responsibility, authority and standards of practice of the internal audit function of the Institute;
- Approve the Annual Audit Plan;
- Review, appraise the performance and recommend remuneration of the Head of Internal Audit Department;
- Have the explicit authority to investigate any matter within its terms of reference;
- Have the resources which are required to perform its duties;
- Have full, free and unrestricted access to any information, records, properties and personnel of the Institute;
- Have direct communication channels with the External and Internal Auditors and be able to convene meetings with them, whenever deemed necessary;
- Be able to obtain independent professional or other advice;
- Review the findings of the Internal Auditor, External Auditor and Auditor General Department;
- Review the interim and annual financial statements of the Institute. The annual financial statement will be submitted to Council for approval;
- Review the Institute’s accounting policies and its reporting requirements; and
- Advice in development and implementation of the Institute’s enterprise risk management framework as well as review of key risks profiles of the Institute.