Terms of Reference

Audit and Risk Committee

2024/25

To gain assurance on the effectiveness of financial and other internal control frameworks.
To gain assurance on the University’s corporate governance arrangements.
To gain assurance on the University’s policies and procedures in respect of fraud, irregularity and public interest disclosure.
To gain assurance that effective arrangements are in place to ensure appropriate and accurate data returns are made to external stakeholders and regulatory bodies.
To review the accounting policies relating to the financial statements, particularly in relation to any changes, and to comment on their adequacy.
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.

To recommend to Council the selection and appointment of the internal auditors, and to agree their remuneration; and, if required, to advise Council on their dismissal.
To recommend to Council on the selection, appointment, remuneration and dismissal of the external auditors, and on the provision of any non-audit services by the external auditors.
To review the reports of the external auditors, in particular the external auditors’ management letter and management responses; and to meet with the external auditors and relevant officers to discuss any issues arising therefrom.
To consider elements of the annual financial statements in the presence of the external auditors, including the auditors’ formal opinion, the statement of members’ responsibilities and the statement of internal control, in accordance with the Office for Students' Accounts Directions.
To keep under review the scope and effectiveness of the internal audit function, and monitor the planning and execution of internal audit work; to receive the annual report of the internal auditors and such other reports pertaining to internal audit as it shall require; and to meet with the internal auditors and relevant officers to discuss any issues arising therefrom.
To gain assurance, annually or more frequently if deemed necessary, on the implementation of approved recommendations relating to both internal and external audit reports and management letters.

To monitor the effectiveness of risk management, culture, control and governance arrangements and review the external auditors management letter, the internal auditors annual report and management responses on behalf of Council, on the understanding that Council retains ultimate responsibility for Risk.
To consider regular reports from the leadership team on the management of organisational strategic risks.
To provide an annual statement to Council and the Office for Students on the effectiveness of the University risk management, control and governance arrangements.

To receive regular reports on, and assess the scope and effectiveness of the University's Value for Money activities.
To provide an annual statement to Council and the Office for Students on the effectiveness of the University Value for Money arrangements.

To report to Council after each meeting.
To review annually its Terms of Reference.
To review annually its effectiveness.
To prepare an annual report to Council on the work of the Committee, including an opinion on risk, control, governance, management and quality assurance of data and the pursuit of VFM.
To refer business to other committees as it sees fit.

Catherine Smethurst Assistant Registrar (Placements, Exchanges & Governance)