AUDIT COMMITTEE

1. The Audit Committee shall meet at least once a term in each financial year. It shall be the duty of the Committee:

1. (a)to keep under review the University’s risk management strategy and implementation;
2. (b)to keep under review the effectiveness of the University’s systems of financial and other internal control;
3. (c)to satisfy itself that satisfactory arrangements are adopted throughout the University for promoting economy, efficiency, and effectiveness;
4. (d)to advise the Council on matters relating to the external auditors, including their appointment, their services, their remuneration, and any questions relating to the resignation or dismissal of auditors;
5. (e)to review annually with the external auditors the nature and scope of the external audit;
6. (f)to consider, in consultation with the external auditors, (i) any statements annexed to the annual accounts of the University, including the auditors’ report, and (ii) any statement provided by the Council on the governance of the University;
7. (g)to approve the approach to internal audit;
8. (h)to approve proposals for the programme of internal audit work put forward by the internal auditors and to ensure that sufficient resources are made available to implement the internal audit programme effectively;
9. (i)to consider any reports submitted by the auditors and to monitor the implementation of any recommendations made by the auditors, both external and internal;
10. (j)to monitor annually the performance and effectiveness of the external and internal auditors;
11. (k)to oversee the University’s policy on fraud and irregularity, and to ensure that the Committee is informed of any action taken under that policy;
12. (l)to ensure that all significant losses are properly investigated and that the internal and external auditors, and where appropriate, other authorities and regulators, are informed;
13. (m)to make an annual report to the Council, and to other authorities and regulators as required;
14. (n)to receive reports from authorities and regulators, and to advise the Council thereon;
15. (o)to forward minutes of the Committee’s meetings to the Council.