The purpose of the Audit and Risk Assurance Committee is to support the Board in its responsibilities in terms of control, governance and risk management.
The Audit and Risk Assurance Committee will advise the Board and AccountingOfficer on:
The Committee will also provide assurance that the Institute’s budget is being properly accounted for
In addition, the Audit and Risk Assurance Committee may examine any activity of the Institute, call for any relevant information from employees of the Institute (including an invitation to attend meetings) and, with the approval of the Accounting Officer seek external advice.
The Committee will discuss and provide scrutiny and challenge on:
The Committee is accountable to the Institute’s Board. The Chair of the Committee will report the outcomes of the discussion at the Committee to the next Board
The Committee will consist of at least two Board members, one of whom will be the Chair of the Committee. The membership of the Committee will also include the Institute’s Chief Executive, as well as attendees from the National Audit Office and from the Government Internal Audit Agency (GIAA).
The Committee must co-opt up to two external members who are independent of the Institute to fill any skills gaps.
Board: Toby Peyton-Jones, Fiona Kendrick
Independent members: Government Internal Audit Agency (GIAA), National Audit Office (NAO), Martin Doel
The Committee will meet at a minimum, four times a year. Quorum is two members of which one must be an external member and one must be a board member.
In exceptional circumstances, the Chair may agree with attendance through video conference or telephone.