Governance
   
   
  

Audit and Risk Committee

2017-18

Terms of Reference

  • To review and advise the Council on:
    -  the adequacy and effectiveness of the University's arrangements for risk management,
       control and governance
    -  arrangements for promoting economy, efficiency and effectiveness
    -  the arrangements for the management and quality assurance of data submitted to the
       Higher Education Statistics Agency, HEFCE and other funding bodies
  • To consider and advise Council on the provision of external and internal audit for the University

Main Activities

  • Review the effectiveness of the management of risk with a focus on the most important areas of risk, including governance, management, quality, reputational and financial, and report to the Council.
  • Review the effectiveness of the University's systems and procedures for ensuring that it obtains value for money from all its expenditure, and report to the Council.
  • Review the effectiveness of the University's policies and procedures for protecting against any loss or irregularity including being notified of any action taken under those policies.
  • Advise the Council on the criteria for the appointment and remuneration of the external auditor, the provision of any non-audit services by the external auditor, and any questions of resignation or dismissal of the external auditors.
  • Annually review the performance and effectiveness of external auditors and make recommendations to Council concerning their reappointment.
  • Review reports received from the external auditor, where required consulting and being consulted by the external auditor direct.
  • Review the audit aspects of the draft annual financial statements, including the external audit opinion, the statements of members' responsibilities, the statement of internal control and any relevant issue raised in the external auditors' management letter.
  • Review and approve the scope of Internal Audit's work, including the planning and implementation of the work and reviewing internal audit reports and management's responses, and annually monitoring the performance and effectiveness of internal audit.
  • Advise the University's Council on the criteria for the selection and appointment of the internal auditor, and any questions of resignation or dismissal of the internal auditor.
  • At least once a year the Committee should meet with the external and internal auditors without any officers present. The external auditors or Head of Internal Audit may request a meeting if they consider it necessary.

Constitution

External member of Council appointed by the Council (Chair): Mr Neil Watkinson

Up to four further external members of the Council: Mr Simon Amess, Mr John Finch, Dame Elizabeth Fradd

Up to three co-opted members: Mr Richard Archer, Mr Jonathan Curtiss, Ms Vicky Bailey

Secretary: Dr Jo Welham


NOTE:

The Chair of Finance Committee (Mr Steve Walton) may also be in attendance at Audit and Risk Committee as an observer.

Any member of Council who is not on Audit and Risk Committee may be in attendance as an observer for an individual meeting.

Only one member of Audit and Risk Committee may also be a member of the Finance Committee.

The Chair of Audit and Risk Committee may be "in attendance" at Finance Committee.

 

(membership updated August 2017)

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