These committees have the following responsibilities:

Finance Committee:

1. To give appropriate implementation and enforcement guidelines on the Institute’s financial position;
2. To analyze the yearly financial accounts before submission to the Board;
3. To analyze the financial and property management policy standards;
4. To do any other relevant financial activity as shall be determined by the Board; and
5. To review and approve action plans before submission to the Board;

Audit Committee

1. To discuss and advise the Board of Directors on the effectiveness of institutional internal processes, procedures and controls. These include among others: policies and practices used in the accounting operations and the regulatory compliance;
2. To discuss complex accounting reports produced by the management and interact as may be reasonably practical with the senior finance manager or auditors regarding the financial reports of IPAR- Rwanda;
3. To participate fully in the approval or changing of an external auditor.
4. To ensure that the external auditor carries out work in an independent manner without any conflict of interest that might interfere with their effective implementation of the assigned tasks;
5. To discuss and advise the Board of Directors on any pending litigation, or regulatory compliance risks as may be highlighted by the legal counsel of IPAR- Rwanda;
6. To recommend to the Board of Directors the pursuit of investigations in case any anomalies are reported or identified or alleged by the General assembly or the external auditor;
7. To report and advise the Board of Directors on the audit findings, difficulties auditors face in working with IPAR- Rwanda management and to report any identified fraud or illegal acts by the management;
8. To advise the Board of Directors on any risk IPAR- Rwanda management is likely to encounter in pursuit of its routine work that is likely to hamper the effective realization of IPAR- Rwanda’s objectives,
9. To control adjustment and sincerity of balance sheets and accuracy of information on accounts;
10. To check whether decisions of the General Assembly were implemented and ensure compliance with the internal rules and regulations. In pursuit of its activities, the Audit committee may, at any time, make any verification or controls they deem necessary without interfering with the daily management of the institute;
11. The audit committee shall present financial statements to the general assembly for approval. In that report, the audit committee gives out advice to the institute on how its resources can best be managed.

The financial and audit committees shall adopt their own internal rules of procedure that shall govern the conduct of their business.

Members of this committee shall be appointed by the Board of Directors and approved by the General Assembly. The Committee shall have a term of office of three (3) years renewable only once.