The Audit Committee operates independently of Governing Council, the Management Board and the Standards and Regulation Board. Its remit extends across the whole organisation, including the regulatory function. Each year it reports to Governing Council at its oversight meeting on how it has discharged its duties. The Committee is comprised of independent non-members and members of RICS.
The Audit Committee monitors the integrity and effectiveness of RICS’ financial reporting, internal control and risk management systems, reviews anti-fraud measures and Raising Concerns policies and reviews the effectiveness of and recommends each year the appointment of the external auditor.
Amit Shah’s appointment as Chair of the Audit Committee finished on 5 September 2021 as he had completed his term of office. A new Chair has been selected by an appointment panel established under RICS’ Global Appointments Model. The appointment process is going through the final stages and it is anticipated that the new Chair will begin their role by 1 October 2021.