Objective

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.

Scope

The Committee has authority, within the scope of its responsibilities, to:

1. 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 as defined under the International Professional Practices Framework (IPPF).
2. Approve the Annual Audit Plan.
3. Review and appraise the performance, recommend remuneration, recommend appointment and removal of the Head of Internal Audit Department.
4. Approve the internal audit department’s budget and resource plan.
5. Have the explicit authority to investigate any matter within its terms of reference.
6. Have the resources which are required to perform its duties.
7. Have full, free and unrestricted access to any information, records, properties and personnel of the Institute.
8. Have direct communication channels with the External and Internal Auditors and be able to convene meetings with them whenever deemed necessary.
9. Be able to obtain independent professional or other advice.
10. Review the findings of the Internal Auditor, External Auditor and Auditor General Department.
11. Review the half-yearly and annual financial statements on the institute.
12. Review the Institute’s accounting policies and its reporting requirements.
13. Advice in the development and implementation of the Institute’s enterprise risk management (ERM) framework of the Institute.