Audit and Risk Assurance Committee

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.

1. Remit

The Audit and Risk Assurance Committee will advise the Board and AccountingOfficer on:

• strategic processes for risk, control and governance
• the Institute’s annual report and accounts
• the planned activity and results of internal and external audit, including:
  • the scope and objectives of the work of the Government Internal Audit Agency (GIAA)
  • the adequacy of management responses to issues identified by the GIAA, National Audit Office (NAO) and other assurance activities
• assurances relating to the management of risk and corporate governance requirements for the organisation anti-fraud and whistle-blowing processes

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.

Responsibilities

The Committee will discuss and provide scrutiny and challenge on:

• annual plans for risk analysis
• risk assurance on specific projects and areas of the business as usual activity
• annual plans for the Government Internal Audit Agency and any significant adjustments resulting from the audit
• the Institute’s annual report and accounts, including any significant adjustments to these following audit
• accounting policies and practices, and any changes in them
• compliance with government accounting standards
• arrangements for the prevention of fraud, error and overpayments and any other issues concerning regularity and propriety that the Committee feels should be drawn to the attention of the Accounting Officer
• whistle-blowing policies and arrangements.

2. Accountability

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
meeting.

3. Membership and attendance

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.

Members

• Board: Toby Peyton-Jones, Fiona Kendrick

• Independent members: Government Internal Audit Agency (GIAA), National Audit Office (NAO), Martin Doel 

4. Meetings and quorum

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.

5. Minutes