Audit & Probity Committee
The Audit and Probity Committee is responsible for ensuring appropriate procedures are in place for the proper governance of, and the mitigation of risk within, the Institute.
The function of audit is essentially to review, monitor and assure adherence to the law, to standards and to company policy and to identify where systems are not operating correctly, with recommendations for improvement.
Probity is defined as “the quality of having strong moral principles, honesty and decency” (ref. OED) and is one of the four principles of good governance. The Committee’s role is to:
- Promote appropriate ethics and values within the Institute;
- Ensure effective organisational performance management and accountability;
- Communicate risk and control information to appropriate areas of the Institute; and
- Coordinate the activities of and communicate information among the Board, external auditors and management;
and by reference to prevailing and regulatory standards to assess and make recommendations for improvements in relation thereto (ref. Chartered Institute of Internal Auditors).