• The Audit


The articles state that if an audit is required under any statutory provisions or if the Directors otherwise think fit, the Chief Executive Officer shall ensure that an audit of such accounts is carried out by a qualified auditor.

Proposed change...

If article 28.3 does demand auditors be used, it is proposed that this be replaced by (i) an external independent audit once every three years and (ii) a new committee (Audit & Risk) be created as described above

Benefit to members..

There is no legal requirement for a company like BASI to carry out an audit every year, and each audit costs BASI £15,000. Moving to an external audit once every 3 years with a new  Audit and Risk committee to keep an eye on finance between audits will save members money.