Governance

Committees Reporting To Council

1. Committees of the Council

2. Audit Committee

Composition

  • A Chairman, appointed by the Council.
  • Five other members appointed by the Council.

No member of the Committee may also be a member of the Finance and Strategy Committee, or be a member of staff or a student, or have any executive authority for the management of the institution. The Chairman and at least one, but not more than two, other members shall be current members of Council.

The Committee shall meet at least four times each year. Three members of the Committee shall constitute a quorum.

Terms of reference

  1. To review the processes for ensuring the effectiveness of the financial and other internal control systems.
  2. To advise the Council on the criteria for the selection and appointment of external and internal auditors, the terms and conditions of their engagement, and the scope of work undertaken.
  3. To monitor the performance and effectiveness of the external and internal audit, which shall include monitoring the implementation of the Committee's recommendations thereon.
  4. To review the scope and effectiveness of the internal audit, including the planning and operation of the work, to receive and consider the Internal Auditors' annual report, and to promote co-ordination between the internal and external audit functions.
  5. To advise the Council whether the University has adequate systems and procedures in place to promote economy, efficiency and effectiveness.
  6. To review the External Auditor's Management report and monitor compliance with its recommendations.
  7. To consider relevant reports from the Welsh Funding Councils Audit Service, National Audit Office and other organisations, and monitor the implementation of relevant recommendations.
  8. To oversee the University's Policy of Fraud and Irregularity including any action taken under that policy, and to ensure that all significant losses have been properly investigated, and reported as appropriate.
  9. To ensure that the University complies with the mandatory requirements of the HEFCW Audit Code of Practice.
  10. To review the University's mechanisms for the assessment and management of risk.
  11. To review the assurance mechanism for ensuring compliance with the university's corporate governance requirements.
  12. To investigate any activity within its terms of reference and to seek any information it requires from any member of the University.
  13. To obtain independent professional advice and to secure the attendance of persons with relevant expertise and experience at any meeting, if considered necessary.
  14. To submit an annual report to the Council.