The ARMC Director’s Mandate: Duties, Oversight and Judgement

Programme Overview

Appointment to an Audit and Risk Management Committee carries responsibilities that extend beyond attending meetings and reviewing reports presented by management and auditors. Directors serving on the committee are expected to understand the matters within its mandate, apply independent judgement, challenge information where necessary, and ensure that significant financial, control, audit and risk concerns are appropriately addressed.

This programme focuses on the duties and practical responsibilities of a director appointed to the Audit and Risk Management Committee. It examines how directors should discharge their responsibilities before, during and after committee meetings, including how they review information, question management, engage with internal and external auditors, identify warning signs and escalate unresolved concerns to the board.

Participants will explore the relationship between the ARMC, the full board, management and assurance functions, while developing a clearer understanding of where oversight ends and management responsibility begins.

Through practical examples and case-based discussion, the programme will equip current and prospective ARMC members to exercise greater confidence, independence and professional scepticism in carrying out their responsibilities.

Learning outcome

By the end of this programme, participants will be able to:

1. Explain the duties and responsibilities of a director serving on the ARMC, including how these responsibilities relate to the director’s broader fiduciary and governance obligations.
    
2. Apply independent judgement and professional scepticism when reviewing financial reporting, internal controls, risk management matters and information presented by management.
    
3. Engage effectively with management, internal auditors and external auditors by asking appropriate questions, challenging assumptions and assessing whether sufficient assurance has been obtained.
    
4. Identify, escalate and follow up on significant concerns relating to control weaknesses, audit findings, fraud, whistleblowing, compliance and corporate reporting.

Who Should Attend

• Current Audit and Risk Management Committee members
• Directors who may be appointed to an ARMC
• Newly appointed directors seeking to understand committee responsibilitiesBoard chairs and directors seeking greater clarity on the relationship between the ARMC and the full board
• Aspiring directors seeking to become board members and serve on an ARMC