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Committees

Audit and Finance Committee

Terms of Reference

Created – 8 June 1998, Last revised – 18 July 2015

1.  Membership

Members of the Audit and Finance Committee shall be appointed by the Council.

2.  Purpose

The Committee is responsible for the auditing, monitoring and reviewing of all IAA financial reporting, and making recommendations to Council of related policy and operational guidelines in conjunction with the Secretariat.

3.  Role

(a) The Audit and Finance Committee shall review policy and financial outcomes relating to:

    (i) budgets and delegated authorities;

    (ii) investments, expenses, Sections, and Congresses;

    (iii) reimbursement of internal expenses, gifts from the IAA, and terms of financial contracts.

(b) The Audit and Finance Committee shall recommend the annual financial statements and the appointment of the auditor to the Council for approval. The Audit and Finance Committee shall also provide appropriate annual certification in relation to specific financial matters and other matters delegated to the Audit and Finance Committee.

(c) The Audit and Finance Committee shall produce an annual certification of all Council votes.

(d) The Audit and Finance Committee shall monitor compliance with regulatory requirements.

(e) The Audit and Finance Committee may meet with the personnel of the Secretariat, the auditors, Officers or Section chairpersons, as necessary, for the discharge of its responsibility.

(f) The Audit and Finance Committee shall be responsible for oversight of risk management, including (i) identifying key risks to the IAA, (ii) quantifying risk exposures, (iii) assisting Council in defining risk tolerance, (iv) recommending risk management actions, and (v) providing risk information needed to support strategic objectives and decisions. The Audit and Finance Committee shall produce an annual report to Council on its oversight of risk management.

4.  Decision-making authority

The Committee operates within the IAA Statutes and Internal Regulations and makes recommendations for action by Council or the IAA Executive Committee, as appropriate.

5.  Operational Matters

Frequency of Meetings:
The Committee normally meets twice a year in conjunction with each IAA Council meeting and by teleconference, as required. These meetings are closed meetings.
The Chairperson also meets annually with the Auditor at the Secretariat and by teleconference, as required.

Agendas and Papers:
All meetings will have a formal agenda agreed by the Chairperson which must generally be distributed, along with required papers, at least one week before each meeting. Agendas are available from the Committee page on the IAA website.

Minutes:
Minutes of each meeting will be prepared and distributed as soon as practicable after each meeting. Minutes are available from the Committee page on the IAA website.

Reporting on Committee Activities:

  • The Chairperson will prepare a report on the activities of the Committee (including any subcommittees, working groups and taskforces) at least two weeks before each Council meeting.
  • The Chairperson will also provide a written update report after each semi-annual Committee meeting.

IAA Liaisons:
The Committee may meet with the Secretariat, the Auditors, any IAA Officer or Section Chairperson, as deemed necessary for the discharge of its responsibility.

External Liaison:
The Committee will liaise with external stakeholders as required to undertake its role and activities, subject to any requirements or processes of the IAA statutes and regulations.

Other operational matters:
The Committee will share information regarding developments via the Committee page on the IAA website.

6.  Subcommittees, Working Groups and Taskforces Reporting to the Committee

Risk Oversight Task Force