Audit and Risk Committee - Terms of Reference

Introduction

These terms of reference are based on those set out in the CUC Higher Education Audit Committee Code of Practice (May 2020) and the relevant sections of the Office for Students’ (OfS) Terms and Conditions of Funding 2018.15 and 2019.12.

Constitution

Governing Council has established an Audit and Risk Committee (ARC), responsible for assuring it about the adequacy and effectiveness of:

Scope

It is the role of ARC to advise and assist Governing Council in respect of the entire assurance and control environment of the institution. This in turn assists to ensure compliance with the OfS General Ongoing Condition G2: Terms and conditions of financial support.

ARC should act as “the conscience” of the University and conduct its business in a way that provides the assurance required and, if necessary, identifies bad behaviour. It should conduct its business in line with the Nolan principles of public life and ensure these are integrated into the operations of the provider.

ARC is authorised by Governing 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 ARC.

The Committee is authorised by Governing 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 the Chair of Governing Council. However, it may not incur direct expenditure in this respect in excess of £100k without the prior approval of Governing Council.

Internal Control

The Committee shall

Internal Audit

The Committee shall

External Audit

The Committee shall

Non-financial Quality Management

The Committee shall

Composition

Attendance and Clerking Arrangements

Meetings

Reporting Procedures

Review of the Committee’s Effectiveness


Considered by Audit and Risk Committee: 25.09.2020
Approved by Governing Council: 13.11.2020 and 26.01.2021