Statutes and Ordinances of the University of Cambridge
p. 68

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 Head 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, provided that it shall not be obligatory for the Committee to co-opt any person or persons. If there are co-opted members, at least one shall be a member of the Regent House who is not a member of the Council, and, if there is more than one, there shall be either one further member of the Regent House who is not a member of the Council and/or one external member, or two external members, provided that only one of the external members may be a member of the Council in class (e) (as referred to in Statute A IV 2(e)).

2. Members in classes (a), (b), and (c) shall be appointed in the Michaelmas Term to serve for four years from 1 January next following their appointment. In the event that Council membership ceases, Audit Committee membership will expire simultaneously. No member may serve for more than eight consecutive years. Co-opted members shall serve for such period as the Committee shall determine 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.