Membership

Membership List 2011-12

Procedures and Terms of References

Agendas, Minutes and Documents

Constitution
The constitution of the Audit Committee follows the Model Terms of Reference defined by HEFCE – as follows.

Membership 

Four lay members of the Governing Body appointed by the Governing Body, from among its own members;

Up to two other members appointed by the Governing Body.

Limitations on Membership
1. Members should have no executive responsibility for the management of the institution or other significant interests in the institution.

2. The Chair of the Governing Body should not be a member of the Committee.

3. At least one member should have recent and relevant experience in finance, accounting or auditing. The Committee may, if it considers it necessary or desirable, co-opt members with particular expertise.

4. No member of the Committee may also be a member of the Finance and General Purposes Committee unless specifically authorised by the Higher Education Funding Council for England (HEFCE). 

In Attendance
The member of the Senior Management Team with financial responsibility (the Director of Finance), the internal auditor and a representative of the external auditors shall normally attend meetings where business relevant to them is to be discussed. However, at least once a year the Committee should meet with the external and internal auditors without any officers present.

Quorum
Three members

Frequency of meetings  
Normally three in each financial year. The external or internal auditors may request further meeting(s) if they consider it necessary.

Authority   
1.            The Committee is authorised by the Governing Body to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee, and all employees are directed to co-operate with any request made by the Committee. Similar authority is extended to seeking advice from students in respect of the accounts of the Heythrop Students’ Union.

2.            The Committee is authorised by the Governing Body to obtain outside legal or other independent professional advice and to secure the attendance of non-members with relevant experience and expertise if it considers this necessary, normally in consultation with the designated officer and/or Chair of the Governing Body. However, it may not incur direct expenditure in this respect in excess of £1,000 without the prior approval of the Governing Body.

3.            The Audit Committee will review the audit aspects of the draft annual financial statements. These aspects will include the external audit opinion, the statement of members’ responsibilities, the statement of internal control and any relevant issue raised in the external auditors’ management letter. The Committee should, where appropriate, confirm with the internal and external auditors that the effectiveness of the internal control system has been reviewed, and comment on this in its annual report to the Governing Body.

Reports to
The Governing Body (and cf Reporting Arrangements, below).

Terms of Reference
1. To advise the Governing Body 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.

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

3. 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).

4. To consider and advise the Governing Body 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.

5. 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 Governing Body as appropriate).

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

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

8. To ensure that all significant losses have been properly investigated and that the internal and external auditors, and where appropriate the HEFCE accounting officer, have been informed.

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

10. To satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness.

11. To receive any relevant reports from the National Audit Office, HEFCE and other organizations.

12. To monitor annually the performance and effectiveness of external and internal auditors, including any matters affecting their objectivity, and to make recommendations to the Governing Body concerning their reappointment, where appropriate.

13. To consider elements of the annual financial statements in the presence of the external auditors, including the auditors’ formal opinion, the statement of members’ responsibilities and the statement of internal control, in accordance with HEFCE’s Accounts Directions.

14. 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.

15. To ensure, in respect of the areas of College life falling within its remit, that unlawful discrimination on grounds of age, disability, gender re-assignment, marriage and civil partnership, pregnancy and maternity, race, religion and belief (including lack of belief), sex, or sexual orientation, does not occur. It will ensure this by:

a) monitoring appropriate data sets at suitable intervals,

b) explicitily considering the impact on equality issues of any new actions, policies or procedures which it initiates or approves.

Reporting Procedures
1.            The minutes (or a report) of meetings of the Committee will be circulated to all members of the Governing Body.

2.            The Committee will prepare an annual report covering the institution’s financial year and significant issues up to the date of preparing the report. The report will be addressed to the Governing Body and Principal, summarising the activity for the year. It will give the Committee’s opinion on the adequacy and effectiveness of the institution’s arrangements for the following:

-  Risk management, control and governance (the risk management element includes the accuracy of the statement of internal control included with the annual statement of accounts).

-  Economy, efficiency and effectiveness (value for money).

- Quality and management of data that is submitted to the Higher Education Funding Council of England (HEFCE, the Higher Education Statistics Agency (HESA) and other funding bodies.

3.            This opinion should be based on the information presented to the Committee. The Audit Committee annual report should normally be submitted to the Governing Body before the members’ responsibility statement in the annual financial statements is signed.

PLEASE CLICK ON DATE AND MEETING NUMBER TO ACCESS ALL OPEN DOCUMENTS SUBMITTED TO EACH MEETING.

2011/12

2010/11

2009/10

2008/09 

2007/08