Audit Committee

Contact for agendas and minutes: Dr Philip Evans, University Governance Officer (extension 4031)
Contact for apologies: Janet Barton (extension 2155)

Chair: Mr Graham Millar
Reports to: Council

• Terms of Reference
• Constituency of Membership
• Membership 2010/2011
• Annual Cycle of Business
• Meeting Dates

Terms of Reference

1. To review the annual consolidated financial statements of the University and its subsidiary companies to ensure that they comply with all relevant statutory requirements and appropriate accounting conventions.
2. To oversee the University’s policy on fraud and irregularities, including being notified of any action taken under that policy, and to be advised of any significant losses.
3. To review, in conjunction with internal audit, the system of internal control.
4. To ensure, in conjunction with internal audit, that arrangements are in place to promote economy, efficiency and effectiveness.
5. To consider and discuss with internal audit their programme of work, including management's response, and to monitor its effectiveness.
6. To receive internal audit reports and, in conjunction with the University Officers, to monitor progress in implementing the recommendations made and resolving any differences.  The Head of Internal Audit shall have the right to meet the Committee in private.
7. To promote co-ordination between internal audit and the external auditors.
8. To consider and discuss with the external auditors the scope of their audit and subsequently the results thereof.
9. To review with the external auditors the management letters arising from their audit of the University and to discuss with the Director of Finance and other senior University Officers, where appropriate, the work carried out to implement agreed solutions.  The external auditors shall have the right to meet the Committee in private and to seek a special meeting if they think it appropriate.
10. To make recommendations to the Council regarding the appointment, re-appointment and remuneration of both the internal and external auditors, as well as recommendations regarding the provision of any non-audit work by either service.
11. To make an annual report to the Council on the work of the Committee.
12. To keep under review on behalf of the Council the effectiveness of the University's approach to risk management, control and governance arrangements, and in particular to review the external auditors' management letter, the internal auditors' annual report, and management responses.
13. To monitor annually the performance and effectiveness of external and internal auditors, including any matters affecting their objectivity.
14. To receive any relevant reports from the National Audit Office, HEFCE and other organisations.
15. In the event of the merger or dissolution of the institution, to ensure that the necessary actions are completed, including arranging for a final set of financial statements to be completed and signed.
    

Top of page

Constituency of Members

Six lay persons not directly concerned with the financial management of  the University, of whom at least three shall be members of Council or Court, but excluding the Chair of Council.  Council has decided that the Committee will have a quorum of three for its meetings (Council M99/83 refers).

Membership 2010/2011

Other Useful Links

• Dates of Committee meetings
• Committee Structure [pdf]
• HEFCE Audit Code [June 2008]
• Handbook for Members of Audit Committees in Higher Education Institutions, CUC, February 2008/06 [pdf]

[Registrar's Department]
[Academic Support Office Home Page]

Academic Support Office / Janet Barton / jcb503 / August 2009
10/08/2009