Approved by the Board of Trustees on 5 October 2015.
The Trustees of theIET have established an Audit and Risk Process Committee and Finance and Investment Committee to help support their responsibilities for oversight of financial matters, notably:
- making sure the charity keeps proper accounts;
- reviewing the charity’s financial performance;
- drawing up or reviewing policies for finance and investment;
- ensuring that the charity has robust and effective financial controls in place;
- liaising with finance staff and with the charity’s independent auditor.
The main duty of the Honorary Treasurer is to take a lead at Board level in ensuring oversight of these responsibilities is effective by:
- attending and contributing to meetings of the Audit and Risk Process Committee, Finance and Investment Committee and Remuneration Committee;
- maintaining a good understanding of the IETs financial environment, position, budgeting, controls and planning framework in liaison with the Chief Executive and Secretary and the Directors of the IET;
- maintaining a good understanding of Local Network and Community funding mechanisms in partnership with the Communities Resourcing Committee;
- attending selectively meetings of any Boards or Committees concerned with the management and governance of the IET to ensure sound financial management and compliance with IET’s governing documents and charity law.
Specific responsibilities are to:
- present the Annual Reports and Accounts to the Annual General Meeting;
- audit the expenses of the President, the Trustees, the Chief Executive and Secretary and other members of the IET’s Key Management Personnel;
- provide a point of arbitration for financial matters involving volunteers, notably in respect of the interpretation of expenses policy or issues in respect of Local Network financial management.