Audit Committee

Terms of Reference

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.
16. To report on the adequacy and effectiveness of the University's arrangements for the management and quality assurance of data submitted to HESA, SLC, HEFCE and other bodies.

Membership

Constituency and Membership for 2016/2017

Six lay persons not directly concerned with the financial management of the University, of whom at least three shall be members of Council, but excluding the Chair of Council.  

• Mr Deian Tecwyn (until July 2019) (Chair)
• Mr Martin Gaskin (until July 2017)
• Mrs Helen Dobson (until July 2017)
• Mr Mike Galloway (Council member) (until July 2018)
• Mrs Kate Payne (until July 2018)
• Mr Paul Dack (until July 2018)

Meeting Dates

Meeting dates 2016/2017

• Friday 23 September 2016 at 09:15
• Friday 21 October 2016 (joint with Finance and Policy Committee) at 09:15
• Friday 24 February 2017 at 09:15
• Friday 19 May 2017 at 09:15