Risk and Audit Committee shall be a committee of the Board of Trustees.
Membership:
- An independent Chair appointed by the Board of Trustees (Chair), who shall not be a student, trustee or member of staff of the Union.
- Two Sabbatical Officers
- Two Student Trustees appointed by the Board of Trustees.
In Attendance shall be:
- Director of Finance
- Director of Operations
- Any Members who wish to attend as observers.
- Other staff members proposed by the Chief Executive and agreed by the Chair.
The Chair of the Board of Trustees shall not be a member of the Risk and Audit Committee.
Remit:
The Committee shall have overall responsibility for auditing and reviewing all systems and methods of control both financial and otherwise including risk analysis and risk management; and for ensuring the organisation is complying with all aspects of the law, relevant regulations and good practice.
The Committee shall:
- Recommend to the Board, a framework of effective audit coverage, having reviewed the internal and external audit processes.
- Monitor the performance and effectiveness of the external auditors to ensure the audit is of sufficiently high standard and represents value for money.
- To oversee and scrutinise the internal and external audit processes of the Union including appointment of auditors, receiving proposals, approving process, and reviewing reports for Board recommendation.
- Consider the annual report and financial statements with the external auditors, and to submit them to the Board for approval.
- To keep under review the financial control environment of the Union.
- To analyse and review the Union’s risk profile and appetite.
- Monitor the process for implementing the Union’s Risk Register and action plan, report regularly to the Board on the management of risks and associated controls.
- Advise the Board on the minimum and optimum level of internal and external audit arrangements.
- Ensure that regular audits are carried out on significant controls as identified by the risk register.
- Monitor internal and external audit reviews including post-audit reports and actions plans.
- On behalf of the Board, investigate any financial or administrative matter which may be considered as high risk.
- Receive reports on any major incidents occurring within the Union, and in light of these look at the effectiveness of existing policies or other measures;
- Investigate or scrutinise any other matters at the request of the Board which are of an important strategic nature or are viewed to pose a significant risk.
- Examine reports on special investigations and advise the Board accordingly.
- Scrutinise and advise the Board on the contents of the draft audit findings report and of any management matters that the auditors may wish to present to the Board, and ensure a response and action plan is formulated.
- Review the Compliance Register and ensure the Union is complying with relevant legal and regulatory requirements.
- Review the Safeguarding Policy and ensure the Union is conducting its affairs safely.
- Receive a bi-annual update report on health & safety management. Oversee the management of all matters relating to Health and Safety.
- Report to the Board, through submission of the minutes for each meeting of the Committee. The approved minutes are to be published on the Union’s website.
The Quorum of the Risk & Audit Committee shall be 50% of the membership.
Frequency of Meetings: At least once in the academic year
Chair: Ben Booth, External Chair
Upcoming Meetings:
Risk & Audit Committee Meeting (RA2401) Tuesday 12 November 2024 18.00-20.00
Risk & Audit Committee Meeting (RA2402) Tuesday 13 May 2025 18.00-20.00