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Audit Committee

Specific Terms of Reference

  1. To consider the internal annual audit plan and advise the Executive Team, Chief Executive and the Board thereon.
  • To have the authority to require reports arising from internal and external audits. 
  • To consider reports arising from internal and external audits, including value for money reports and make recommendations to the Executive Team, the Chief Executive and the Board on action to be taken in consequence and to monitor implementation arrangements.
  • To review the statement of internal control prepared by the Accounting Officer prior to endorsement by the Board.
  • To review the Annual Report and accounts before submission to the Board.
  • To consider on behalf of the Board the annual management letter and any interim reports from the Comptroller and Auditor General and bring any significant matters to the attention of the Board.
  • To consider the Corporation’s quarterly financial monitoring report and bring any significant matter to the attention of the Board.
  • To monitor the Corporations compliance with the Management Statement and Financial Memorandum and bring any significant matters to the attention of the Board.
  • To meet at least annually with the National Audit Office in their capacity as External Auditors.
  • To inform the National Audit Office of all Audit Committee meetings to allow them the opportunity to attend.
  • To implement and review the Corporation’s policies and procedures in relation to Whistleblowing.

Delegations to Audit Committee

1.    Internal Audit plans, priorities, arrangements and process.

2.    Statutory Audit arrangements.

3.    The continuing review of the Board’s overall financial management arrangements including compliance with the
       requirements of the Financial Memorandum.

4.    Audit of the Risk Register