AUDIT COMMITTEE

The purpose of the Audit Committee is to monitor the integrity of the financial statements of the Institute; review and approve the Annual Report for recommendation to Council; review the effectiveness of the Institute's internal controls and risk management systems and oversee the relationship with the external auditors.

The Committee reports formally to Council on its proceedings after each meeting on all matters within its duties and responsibilities. The Committee compiles a report to members on its activities to be included in the Institute's Annual Report and the Committee Chairman attends the Annual General Meeting to respond to any member's questions on the Committee's activities.

The Committee meets at least twice a year at appropriate times in the reporting and audit cycle, and otherwise as required. It comprises at least three members, all of whom must be members of Council.