Audit Committee
The Audit Committee’s main role is to advise the BIFM Board on the adequacy and effectiveness of the organisation’s internal controls in order to ensure that it is operating at appropriate levels of risk and in accordance with all current relevant UK legislative, compliance and appropriate code of audit practices requirements.
The Audit Committee has the responsibility for advising the Board on internal and external control matters by monitoring the work programmes and performance quality of both internal controls activities, as prescribed by executive management, and the external auditors. It will build the Institute’s Risk Management Policy and be responsible for its regular review on an annual basis as well as being the key guide on financial regulations.
The Audit Committee will achieve this in an advisory, non-operational role by providing a “check and balance” approach across operational processes and procedures of the Institute through a defined audit “monitoring and reporting” process, and by reporting breaches or other infringements as appropriate to the Board.
A working liaison with the Governance Committee will be maintained and requests to supply information and situation reports relevant to the Governance Committee’s own undertakings will be accommodated. The Audit Chairman and Committee will maintain a strong working relationship with executive management in determining risks and offer observations and guidance on any process or procedural dysfunction where appropriate.
The Audit Committee has the responsibility for advising the Board on internal and external control matters by monitoring the work programmes and performance quality of both internal controls activities, as prescribed by executive management, and the external auditors. It will build the Institute’s Risk Management Policy and be responsible for its regular review on an annual basis as well as being the key guide on financial regulations.
The Audit Committee will achieve this in an advisory, non-operational role by providing a “check and balance” approach across operational processes and procedures of the Institute through a defined audit “monitoring and reporting” process, and by reporting breaches or other infringements as appropriate to the Board.
A working liaison with the Governance Committee will be maintained and requests to supply information and situation reports relevant to the Governance Committee’s own undertakings will be accommodated. The Audit Chairman and Committee will maintain a strong working relationship with executive management in determining risks and offer observations and guidance on any process or procedural dysfunction where appropriate.
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