Audit Committee
The Audit Committee monitors the integrity of the financial statements, and reviews significant reporting judgments contained within them; keeps under review the Academy's stewardship of its funds and resources; and advises Council regarding the appointment or reappointment of the external auditors and the audit fee. It agrees the nature and scope of the audit, discusses any problems or reservations arising from the audit and reviews the auditors’ management letter. The Committee advises Council on the wording of its corporate governance statement, the internal audit arrangements, and it reviews the risk management arrangements.
Membership
Mr John Fielden | Sir Peter North, QC |
Professor Sir Roderick Floud (Chairman) | Professor M Wynn Thomas |
Mr Richard Garrick | (Secretary: Abigail Cooke) |
Terms of reference
The terms of reference for the Audit Committee are:
- To monitor the integrity of the financial statements, and review significant reporting judgments contained within them;
- To keep under review the Academy's stewardship of its funds and resources;
- To advise Council regarding the appointment or reappointment of the external auditors;
- To advise Council and the Treasurer on the audit fee;
- To agree at its discretion directly with the external auditors the nature and scope of their audit;
- To discuss any problems and reservations arising from the audit and in particular to review the auditors' management letter and any other matters it or the auditors may wish to discuss;
- To advise Council on the wording of its corporate governance statement;
- To advise on internal audit arrangements, to receive reports of internal audit investigations and to submit an Annual Report to Council;
- To review and keep under review the development and effectiveness of the Academy's risk management arrangements and to keep their implementation under review;
- To satisfy itself that adequate systems of internal control have been established and that satisfactory arrangements are in place to provide effective financial management, economy, and efficient usage of resources;
- To meet at least twice per financial year, and at other times as it considers necessary. At one of these meetings, it will consider and make its recommend-ations as to the adoption of the annual accounts by Council;
- To advise Council on changes to the terms of reference of the Audit Committee.
The Chief Executive/Secretary is ex officio a member of all Academy committees