SPECIAL ORDINANCE A (iv):
Audit Committee of the Council
(Special Ordinance under Statute A IV 10)

1. There shall be a standing committee of the Council, called the Audit Committee, which shall consist of:

1. (a)a member of the Council in class (e) (as referred to in Statute A IV 2(e)) appointed by the Council to serve as Chair of the Committee,
2. (b)two members of the Council appointed by the Council from among its members who are members of the Regent House, provided that neither the Vice-Chancellor, a Pro-Vice-Chancellor, nor the Chair of a Council of a School shall be eligible to serve,
3. (c)four persons, not being members of the Regent House or employees of the University, appointed by the Council with regard to their professional expertise and experience in comparable roles in corporate life, including at least two members with experience of finance, accounting, or auditing,
4. (d)not more than three persons co-opted by the Committee, of whom
5.  (i)the first person co-opted shall be a member of the Regent House, such person not being a member of the Council;
6.  (ii)not more than two co-opted persons shall be members of the Regent House, such persons not being members of the Council;
7.  (iii)not more than two co-opted persons shall be external members, one but not more than one of whom may be a member of the Council in class (e) (as referred to in Statute A IV 2(e)),

provided that it shall not be obligatory for the Committee to co-opt any person or persons.

For the purpose of these regulations, external members are defined as the following members of the Audit Committee:

1. (a)persons who are members of the Council in class (e) (as referred to in Statute A IV 2(e);
2. (b)persons who are not employees of the University or any of its companies or of a College, and who do not hold College Fellowships which qualify them for membership of the Regent House.

2. Members in classes (a), (b), and (c) shall be appointed in the Michaelmas Term to serve for three years from 1 January next following their appointment. No member in class (a), (b), and (c) may serve for more than eight consecutive years. Co-opted members shall serve until 31 December of the year in which they are co-opted or of the following year, as the Committee shall decide at the time of their co-optation.

3. No person may be a member of the Audit Committee who is a member of the Finance Committee. If a member of the Audit Committee becomes a member of the Finance Committee, her or his place shall thereupon become vacant.

4. No decision of the Audit Committee shall have any binding effect unless there are at least five members, three at least of these being external members, present at a meeting of the Audit Committee. If a decision is the subject of a vote and there is an equality of votes cast, the Chair, or Acting Chair, as the case may be, shall be entitled to give a second or casting vote.

5. In the absence of the Chair of the Committee, the Audit Committee shall elect an acting Chair from the external members present.