Audit and Compliance Committee
The Audit and Compliance Committee is responsible to College Council for reviewing the effectiveness of control, governance arrangements and risk management. It is also responsible for the audit aspects of the College’s financial statements together with the external auditor’s management letter and the management of statutory and regulatory compliance.
Further responsibilities of the Committee include ensuring that satisfactory arrangements are in place to promote economy, efficiency and effectiveness.
Summary of Responsibilities
The Committee will advise Council on all audit arrangements, including the appointment of the external auditors and the annual fee. It will also give advice on the proper conduct of the financial affairs of the College. It is authorised by College Council to investigate any activity within the Committee’s terms of reference and has the authority to seek any information it requires from any employee of the College, as well as members of the student body.
• To review the audit aspects of the College’s financial statements;
• To monitor and review the effectiveness of the risk management, control and governance arrangements;
• To review the arrangements in place to promote economy, efficiency and effectiveness;
• To provide oversight of the appointment of the internal auditor and the nature, scope and effectiveness of the internal audit process;
• To provide oversight of the appointment of the external auditor and the nature, scope and effectiveness of the external audit process;
• To ensure that management strategies, policies and plans are in place to manage statutory and regulatory compliance.
Composition of the Committee
The Committee is composed of lay members of College Council, co-opted members, one student member and academic members of staff within the College. Also in attendance are the Principal, the Head of Administration and College Secretary, the Director of Finance and the Director of Audit and Business Assurance. Meetings are normally held at least three times a year.