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Audit and Risk Committee

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Membership 2018/19

An independent member of the Council (Chair)

Viki Cooke

Four further independent members appointed by the Council, of whom a minimum of two will be serving independent members of the Council

Dr John Ferrie
Noel Gordon
Gail Tucker

Notes: Members of the Audit and Risk Committee are not typically members of any Committee of the University with executive powers, such as the Finance and General Purposes Committee. Independent members from the Council can change annually.

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Terms of Reference

(a) To advise the Council on the appointment of the external auditors, the audit fee, the provision of any non-audit services by the external auditors and any questions of the external auditors and any questions of resignation or dismissal of the external auditors.

(b) To monitor annually the performance and effectiveness of external and internal auditors, and to make recommendations to the Council body concerning their re-appointment, where appropriate.

(c) To consider and advise the Council on the appointment and terms of engagement of the internal audit service (and the head of internal audit, if applicable), the audit fee, provision of any non-audit services by the internal auditors and any questions of resignation or dismissal of the internal auditors.

(d) To forward to the Council reports of the Committee's consideration of issues relating to risk management and internal controls.

(e) To discuss with the external auditors problems and reservations arising from the interim and final audits, including a review of the management letter incorporating management responses, and any other matters the external auditors may wish to discuss (in the absence of management where necessary).

(f) To consider elements of the annual financial statements in the presence of the external auditor, including the auditor's formal opinion, the statement of members' responsibilities and the statement of internal control in accordance with the OfS' Accounts Directions.

(g) To review the management letter of the external auditors, the annual report of the internal auditors' annual report and management responses to both documents.

(h) To oversee the University's policy on fraud and irregularity, including being notified of any action taken under that policy.

(i) To ensure that all significant losses have been properly investigated and that the internal and external auditors, and where appropriate the OfS Accounting Officer, have been informed.

(j) To receive regular reports and a series of presentations on the management of the University's significant risks.

(k) To satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness.

(l) To monitor the implementation of agreed audit-based recommendations.

(m) To discuss if necessary with the external auditors, before the audit begins, the nature and scope of the audit.

(n) To review the internal auditors' audit needs assessment and the audit plan; to consider major findings of internal audit investigations and management's response; and promote co-ordination between the internal and external auditors. The Committee will ensure that the resources made available for internal audit are sufficient to meet the institution's needs (or make a recommendation to the Council as appropriate).

(o) To receive any relevant reports from the National Audit Office, the OfS and other organisations.

(p) To receive periodic reports from senior management on the University's governance arrangements including arrangements for the conduct of reviews of the effectiveness of the University Council.

Authority

(a) The Committee is authorised by the Council to investigate any activity within its terms of reference and to seek any information it requires from any employee, and all employees are directed to co-operate with any request made by the Committee.

(b) The Committee is authorised by the Council to obtain outside legal or other independent professional advice and to secure the attendance of non-members with relevant experience and expertise if it considers this necessary, normally in consultation with the designated officer and/or Chair of the Council.

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Reporting Structure

The Audit and Risk Committee reports to the Council.

Click here to see a diagrammatic representation of the Committee Structure.

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Secretariat

Secretary: Sharon Tuersley, Secretary to Council

Assistant Secretary: Emma Jeavons, Assistant Registrar (Governance)

Correspondence should be sent to universityaudit at warwick dot ac dot uk.

Papers for consideration by the Audit and Risk Committee should be submitted to the Secretary two weeks in advance of the meeting at which they are to be considered.

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Meetings

Dates of meetings of the Audit and Risk Committee can be found within the University Committee Timetable.

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