Finance, Audit and Risk Committee

The Finance, Audit and Risk Committee  is one of the two sub committees of the Board of Trustees (BOT). The committee has five members, with the Chairman of the committee also being a member of the BOT.The members are appointed by a resolution of the BOT. Functions of the Committee include:

  1. Assist the BOT in discharging its duties relating to the safeguarding of assets and to ensure that financial risks are managed
  2. Prepare and recommend decisions to be taken by the BOTon all maters relating to finance, Audit and Risk Management
  3. Review audited financial statements and make recommendations to the BOT
  4. Monitor management’s progress towards internal and external audit recommendations
  5. Ensure the independence , efficacy and effectiveness of internal and external audit functions
  6. Ensure effective interactions between internal auditors, external auditors, the board, the management, funding partners and stakeholders
  7. Review compliance with applicable legal, regulatory and accounting standards in the organization’s audited financial reports
  8. Contribute to the climate of financial discipline, continuous improvements and controls.

The Finance, Audit and Risk Committee is predominantly from outside Ifakara Health Institute. Mr. Nada Margwe was elected Chair of the committee in 2014. The current Membership of the FARC is as follows:

  1. Chairman: Nada Margwe – 519 Tegeta Beach, Mwaitenda Road
  2. Secretary: Martin Mfikwa, Chief Finance Officer, Ifakara Health Institute
  3. Member: Simon Mponji – Mhasibu House, National Board of Accountants and Auditors
  4. Member: Allen Kilewo – Irish Embassy
  5. Member: Teuscher Thomas – Swiss Agency for Development Cooperation
  6. Member: Yande Panya – Consultant
© Ifakara Health Institute (IHI), 2016