The Institute of Internal Auditors-Australia (IIA-Australia) has established an Audit Committee Prequalification Scheme (Scheme). The purpose of the Scheme is to:
- Prequalify prospective audit committee chairs and members.
- Maintain a register of IIA-Australia prequalified members.
- Provide targeted access to the register for organisations seeking to appoint independent chairs and members to their audit committee. The Scheme is suitable for the public sector (Australian government, state and territory government, local government), corporate sector and not-for-profit organisations.
Many IIA-Australia members have been recruited to audit committees through their Scheme prequalification.
The application process is:
- Applicants complete the application form.
- This includes two professional referee reports.
- Applicant states which sectors and locations they are interested in.
- Application is emailed to the IIA-Australia.
- Application is evaluated to ensure each applicant has satisfied criteria for prequalification.
Applicant is advised of assessment outcome and entered into the Scheme prequalified register if successful.
The referral process is:
- An organisation contacts the IIA-Australia seeking prospective names for vacancies on their audit committee.
- The IIA-Australia consults the Scheme prequalified register and provides names and contact details to the requesting organisation.
- The IIA-Australia provides names and contact details from the Scheme prequalified register to organisations seeking prospective audit committee candidates according to prequalified member preferences in their application and without the IIA-Australia contacting the prequalified members.
- CVs are not provided to requesting organisations – it is left to requesting organisations to request an up-to-date CV.