The Audit and Risk Committee’s main role is to advise the IWFM Board on matters relating to the external audit; risk management and internal controls assurance; the integrity of financial statements; the findings and recommendations of any investigations requested by them and to deal with any similar matters as the Board may direct.
The 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.
They also consider and recommend to the Board the appointment of the external auditors and to review their performance. They work with the auditors when and where necessary to assist in their audit activities in the preparation of our Annual Accounts.
This committee advises the Board on the adequacy and effectiveness of our internal controls; including the adequacy of the risk management policy and process, and internal systems and controls ensuring that they support the achievement of our objectives. It may also seek reports and assurances from business managers as appropriate, concentrating on the overarching systems for quality, risk management and internal control, together with indicators of their effectiveness.
They are also tasked with reviewing the findings of other significant assurance functions, both internal and external to the organisation, and consider the implications to our governance structure; this includes reviewing the auditing; controls and risks of Joint Ventures / JANEs [joint agreements not entities].
A key function is to ensure the adequacy and security of the organisation’s arrangements for our employees, members and contractors to raise concerns, in confidence, about quality of services, wrongdoing in financial reporting or other matters; for example, whistleblowing.
Whistleblowing is defined as the raising of a concern, either within the workplace or externally; about a potential danger, subsequent risk, malpractice or wrongdoing which affects others. If you wish to raise a concern about a member, malpractice or risk to the institute please contact the Head of Governance at [email protected]. Alternatively if you wish to raise a concern independently then please contact [email protected] who is independent and impartial and is concerned about the appropriate treatment of members and their rights.
The current IWFM Audit & Risk Committee is made up of the following member volunteers:
Robert Grant, Chair
Dale Gilbert, Committee Member
Alistair Scott, Committee Member
Mark Whittaker, Committee Member
Kate Pattison, Head of Finance / Governance and Risk Manager
The full role and Terms of Reference of the Audit and Risk Committee are detailed in the Board Regulations, found below.