Authority

According to the Institute's Articles of Association, the International Board of the Weizmann Institute appoints an audit committee, which guides the Institute's Internal Auditor's work and supervises it. This activity is regulated by the Internal Audit Law (1992), the Companies Law (1999), the Higher Education Council Law (1958), and the professional standards of the Israel Institute of Internal Auditors.

The Institute's Board of Directors appoints the Weizmann Institute's Internal Auditor (directly or through the Management Committee of the Board). The Internal Auditor is organizationally subordinate to the Chairman of the Board. The Internal Auditor and staff must refrain from involvement in ongoing operations and control activities in the Institute or its related entities.

The Institute's Internal Auditor is responsible for building an annual and multi-year audit plan based on a risk management methodology; bringing it to the review and approval of the audit committee; acting according to the approved audit plan; and performing additional tasks if and as much as assigned to them by the Chairman of the Board or the Chairman of the Audit Committee. The Internal Auditor of the institute is responsible for ensuring that the internal audit activity is conducted according to professional standards, subject to all laws, and carried out by professional auditors with appropriate knowledge, training, and skill.

The Internal Auditor and their staff have the authority to request and receive any document and information that they believe is required to perform their duties. Whoever is required to provide such a document or information must comply with the requirement within the period specified in the request and the manner specified therein. Also, they must be granted access to all information, records, databases (computerized and non-computerized), websites, and assets of the audited body, including reports, opinions, risk surveys, and the like.

The Internal Auditor and their staff must maintain secrecy and confidentiality regarding any document and information during the audit, especially regarding the individual's right to privacy protection. Except if the disclosure is required by law or for a disciplinary procedure, the limitations established by law will apply. The Internal Auditor's reports, including drafts, correspondence with the auditees, inquiries, or any material made available to them during the audit, are confidential.

It is a statutory committee consisting of up to ten members from among the members of the International Board who do not serve on other institute committees. The duties of the committee are all those assigned to it by law, including supervising the work of the Institute's Internal Auditor and guiding them; approving the work plans of the Internal Auditor's office; discussing the audit reports and their recommendations; and reporting, once a year, to the International Board.