The Board Audit Committee (BAC) is responsible for assisting the Governing Board in its oversight of financial reporting of the IILM. It plays a role in overseeing the effectiveness of the internal control systems, the performance of the internal audit function and the compliance of the IILM with legal and regulatory requirements.

The members of the BAC are appointed for a term of three years by the Governing Board or their representative, BAC may be reappointed for further periods.