Audit and Risk Committee
Meeting Dates 2022/23
- 26 September 2022 10:00
- 31 October 2022 10:00
- 6 February 2023 11:00
- 11 May 2023 10:00
- 26 June 2023 10:00
Terms of Reference of the Audit Committee
In these terms of reference, “University” shall be taken to refer to the whole University group, or activities, including subsidiaries and joint ventures.
1. Constitution |
Council has established a Committee (of Council) known as the Audit Committee. |
2. Membership |
The Committee (and its chair) are appointed by Council and consists of Independent Members with no executive responsibility for the management of the University. There shall be no fewer than three Members; a quorum shall be at least two Members. The Chair of Council should not be a Member of the Committee and Members should not have significant interests in the University. The Committee shall consist of at least three Independent Members of Council, and include the Council Dual Assurance Lead for Risk and the Council Dual Assurance Lead for Finance and Investments. At least one Member should have recent and relevant experience in finance, accounting or auditing and not all members are expected to have the same level of accounting expertise. The Committee may, if it considers it necessary or desirable, coopt members with particular expertise. |
3. Attendance at meetings |
The Registrar and Secretary, the Chief Financial Officer, the Director of Policy, Planning and Business Intelligence, the Director of Compliance Governance and Riskand representatives of the external and internal auditors shall usually attend meetings where business relevant to them is to be discussed. However, at least once a year the Committee will meet with the external and internal auditors without any officers present. |
4. Frequency of Meetings |
Meetings shall normally be held at least four times each financial year. The external or internal auditors may request a meeting if they consider it necessary. |
5. Authority |
The Committee is authorised by Council to investigate any activity within its Terms of Reference. It is authorised to seek any information it requires from any employee and all employees are directed to co-operate with any request made by the Committee. The Committee is authorised by Council to obtain outside legal or other independent professional advice and to secure the attendance of non- members with relevant experience and expertise if it considers this necessary, normally in consultation with the Vice-Chancellor and/or Chair of Council. The Audit Committee will review the audit aspects of the draft annual financial statements of the University. These aspects will include the external audit opinion, the statement of members’ responsibilities, the statement of internal control and any relevant issue raised in the external auditors’ management letter (and will include Office for Students’ Accounts Direction). The Committee will, where appropriate, receive advice on the appropriateness of the accounting practices and policies. The Committee will, where appropriate, confirm with the internal and external auditors that the effectiveness of the internal control system has been reviewed, and comment on this in its annual report to Council. Council will review the annual report and the efficacy of Audit Committee. |
6. Duties |
Effectiveness of Financial Control and Governance
|
7. Risk Management |
To keep under review the effectiveness of the risk management, control and governance arrangements in place across the University, including: (a) The role of the Vice-Chancellor’s Executive Group as the body responsible to Council for the effective management and monitoring of risk (to include the receipt of regular reports on the Group’s consideration of risk); (b) The Risk Dual Assurance Group, as the body responsible for risk review (including the identification and scoring of risk and ensuring other Dual Assurance groups are aware of the risks impacting on their particular areas of responsibility) To advise Council on Risk Management by ensuring appropriate audit work in risk |
8. Internal Audit |
|
9. External Audit |
|
10. Reporting to the Office for Students, HESA and other funding bodies |
To seek and assess information and evidence from management and auditors on the quality assurance and management of data submitted to HESA, Office for Students and other funding bodies (including the Student Loans Company). |
11. Other |
|
12. Reporting Procedures |
The Minutes of meetings of the Audit Committee will be circulated to all Members of Council (attached to agenda papers for Council meetings). The publication of Council minutes will include publication of the minutes of Audit Committee in section II.
|
13. Clerking Arrangements |
The Deputy Secretary to Council will act as Clerk to the Committee. |
Membership 2022/23
Chair |
Nicholas Cheffings (2025) |
Independent Member of Council |
Alison Reed (2025) |
Independent Member of Council |
Graham Cole CBE (2023) |
Independent Member (non-Council) |
David Dupont (2023) |
Independent Member (non-Council) |
Simon Enoch (2023) |
|
2021/22 |
|
2020/21 |
2019/20 |
2018/19 |
2017/18 |
2016/17 |