One of the changes NISA has already made is the creation of an Audit Committee. The audit committee, has been agreed and established by the NISA Board using its powers under the existing 2013 Articles. The Audit Committee will now support the NISA Board to oversee the activities of the company at a strategic level, with regard to financial control, governance, internal audit and risk management matters. The Audit Committee will check and review reports produced by the Association’s management and provide recommendations and advice to the NISA Board on matters and policies of the company within the committee’s field of specialisation.
The Audit Committee is chaired by the Independent Non-Executive Director (for financial matters), and includes the Independent Non-Executive Director (for legal matters). There are also plans for the Audit Committee to recruit a further independent, non-director committee member who can bring additional expertise to the committee.
NISA already has a Finance Sub-Group, which focuses separately on financial management at the operational level of the Association. In order to provide appropriate linkage, the finance portfolio director is included as a member of the Audit Committee.
More information to follow in due course.