Powers & duties of the Audit Committee

The role of the Audit Committee is to assist the Board in discharging its responsibility in safeguarding the Institute's assets, maintaining adequate accounting records and developing and maintaining an effective risk management strategy to manage internal control.

Ethics

The Audit Committee shall perform the following duties pertaining to the ethics of the Institute:

1. Review the Secretariat's monitoring of compliance with the Code of Conduct and enquire of management and the external auditors about any possible breaches;
2. Ensure compliance with common law duties, statutory duties, the Constitution, the By-laws and the Code of Conduct of the Institute;
3. Review the policies and procedures that are in effect for the review of Board members' and managers' expenses and fringe benefits;
4. Consider environmental and social issues;
5. Give recommendations on any potential conflicts of interest or questionable situations of a material nature;
6. Review any current and pending litigation or regulatory proceedings to which the Institute is a party.