Audit committee
The CBI Board has established an audit committee that is required to meet at least twice a year and the external auditors may request a meeting if they consider it necessary
Appointments to the
audit committee have to be approved by the CBI Board. The terms of
reference of the audit committee are to:
- Review the annual accounts of the CBI with CBI management and the external auditors Based on this review the audit committee will recommend to the CBI Board whether or not the annual accounts should be adopted
- Meet with the external auditors without CBI management at least once a year and report any issues from that meeting to the CBI Board or president as appropriate. The audit committee will also monitor any action agreed to be taken as a result of such issues
- Review CBI management's approach to, and the results of, risk assessment and its controls including financial controls
- Review the external auditors' management letter and management's responses
- Review and report to the CBI Board on the appointment of the external auditors annually including an assessment of their fee and independence
- Consider and as appropriate implement a process for the reporting by CBI staff of any financial impropriety and associated corrective action
- Consider at least annually whether an internal audit function is needed and report on this to the CBI Board
