Audit Committee

Audit Committee meets three or four times a year and reports to Council. The main duty of the committee is to advise Council on how to establish and review the procedures for auditing the University’s activities.

Audit Committee consists of 5 independent / co-opted members of Council and a specialist external co-option.

Membership for the academic year 2016-2017 is as follows:

NamePositionTerm / Category of Office
John SmithIndependent MemberChair
Dr Maggie JamesIndependent Member 
Tim MarshallCo-opted Member 
Bob ShennanIndependent Member 
TBCIndependent Member 
TBCSpecialist External Co-option 

Also in attendance will be the Vice-Chancellor, a Pro Vice-Chancellor, the Director and Deputy Director of Finance, the Director of Strategic Development & Planning and Internal and External Auditors.

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 resignation or dismissal of the external auditors.

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

c. 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).

d. 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, the provision of any non-audit services by the internal auditors and any questions of resignation or dismissal of the internal auditors.

e. To review the internal auditors’ audit risk assessment and strategy; to consider major findings of internal audit investigations and management’s response; and to 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).

f. To keep under review the effectiveness of risk management, control and governance arrangements and, in particular, to review the external auditors’ management letter, the internal auditors’ annual report and management responses.

g. To monitor the implementation of agreed audit-based recommendations, from whatever source.

h. To ensure that all significant losses have been properly investigated and that the internal and external auditors and, where appropriate, the HEFCE Accountable Officer, have been informed.

i. To approve the institution’s policy on fraud and irregularity, including being notified of any action taken under that policy.

j. To approve the Procurement strategy and policy.

k. To approve the Hospitality and Gifts policy.

l. To approve the strategy and policy on Value for Money and satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness.

m. To receive any relevant reports from the National Audit Office, the HEFCE and other organisations.

n. To monitor annually the performance and effectiveness of external and internal auditors, including any matters affecting their objectivity, and to make recommendations to the Council concerning their re-appointment, where appropriate.

o. 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 HEFCE’s Accounts Directions.

p. In the event of a merger or dissolution of the institution, to ensure that the necessary actions are completed, including arranging for a final set of financial statements to be completed and signed.

q. To prepare an annual report covering the institution’s financial year and any significant issues up to the date of preparing the report, addressed to the Council and HEFCE Accountable Officer summarising the activity for the year.

r. To monitor the governance, risk management and financial controls of the University’s subsidiary companies by means of reports from the Resources Committee, internal and external auditors and Senior Management Team.

Meeting dates for 2016-2017 are as follows:

DateStart TimeEnd TimeLocation Meeting Type 
8 November 201616:0018:00G5.05, HWNormal
21 February 201716:0018:00G5.05, HWNormal
13 June 201716:0018:00G5.05, HWNormal

Secretary: Ellie Smith, Director of Academic Quality and Clerk to Council (x3554)
Minute Secretary: Kam Ahumibe, Registrar: Governance, Academic Quality Directorate (x5654)