Financial Policies and Procedures Polisďau a Gweithdrefnau Ariannol

F-B.6
of the external auditors including the auditors’ formal opinion, the
statement of the members’ responsibilities and the statement of internal
control, in accordance with HEFCW’s Accounts Direction;
o In the event of the 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.
ISSUES REQUIRING APPROVAL BY COUNCIL
o To submit to Council for approval an annual report summarising the
Committee’s activities for the year, including the Committee’s opinion on
the University’s arrangements for:
- Risk management, control and governance;
- Economy, efficiency and effectiveness (value-for-money).
o To advise 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;
o 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;
o 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 Council, as appropriate);
o To monitor annually the performance and effectiveness of external and
internal auditors, including any matters affecting their objectivity, and to
make recommendations to Council concerning their reappointment,
where appropriate.
Compliance Issues
These Terms of Reference have been drawn up using the HEFCW and
HEFCE model terms of reference for Audit Committees.
Constitution
• At all times at least one member of the Committee should have recent
and relevant experience in finance, accounting or auditing.
• Additional members with particular expertise may be co-opted via
recommendation to Council via the Nominations Committee.
• The Chair of Council is not eligible for membership of the Audit
Committee.
• No member of the Finance Committee may also serve as a member of
the Audit Committee.
August 2007