AUDIT COMMITTEE’S TERMS OF REFERENCE
a) Role of the Committee
i) To advise the Corporation on the adequacy and effectiveness of the College’s systems of internal control and its arrangements for risk management, control and governance processes including controls for securing economy, efficiency and effectiveness (value for money).
ii) To advise the Corporation on the appointment, reappointment, dismissal and remuneration of the financial statements auditor and the internal audit service.
iii) To advise the Corporation on the scope and objectives of the work of the internal audit service, the financial statements auditor and the funding auditor (where appointed).
iv) To ensure co-ordination between the internal audit service, funding auditor (where appointed) and financial statements auditor including whether the work of the funding auditor should be relied upon for internal audit purposes.
v) To consider and to advise the Corporation on the audit strategy and annual plans for the internal audit service
vi) To advise the Corporation on internal audit assignment reports and annual reports and on control issues included in the management letters of the financial statements auditor (including their work on regularity) and funding auditor (where appointed) and management’s response to them
vii) To monitor, within an agreed timescale, the implementation of agreed recommendations relating to internal audit assignment reports, internal audit annual reports, the funding auditor’s management letter and spot-check reports (where appropriate) and financial statements auditors’ management letter.
viii) To consider and advise the Corporation on relevant reports by the National Audit Office, the Learning and Skills Council and other funding bodies, and where appropriate, management’s response to them.
ix) To establish, in conjunction with College management, relevant annual performance measures and indicators and to monitor the effectiveness of the internal audit service and the financial statements auditor through these measures and indicators and decide, based on this review, whether a competition for price and quality of the audit service is appropriate.
x) To produce an annual report for the Corporation and accounting officer which includes the Committee’s advice on the effectiveness of the College’s risk management, control and governance processes, and any significant matters arising from the work of the internal audit service, the funding auditor (where appointed) and the financial statements auditor.
xi) To ensure that all allegations of fraud and irregularity are properly followed up.
xii) To be informed of all additional services undertaken by the internal audit service, the financial statements auditor and the funding auditors (where appointed).
In order to exercise its role the Audit Committee should have the power to:
- investigate any activity within these terms of reference.
- seek any information required from the internal audit service, the financial statements auditor and the funding auditor (where appointed), Corporation Members, committees and College employees, plus relevant information from sub-contractors and other third parties.
- obtain external professional advice.
b) Membership
The Audit Committee shall comprise 5 members. Members of the Resources Committee and the Chair of the Corporation may not be members of the Audit Committee. Staff members, other than those with significant financial responsibility, may serve on the Audit Committee. The Vice Principal shall normally be in attendance. The internal audit service, the financial statements auditor and the funding auditor (where appointed) shall be invited to attend meetings as appropriate.
c) Office of Chair
The Committee shall be responsible for selecting one of its members to hold the office of Chair. The Chair shall hold office for 1 year commencing on 1 August each year and shall be eligible for reappointment.
d) Quorum
Meetings of the Committee shall be quorate if 3 or more members are present
e) Frequency of Meetings
The Committee shall hold meetings as frequently as it decides is appropriate to discharge its functions effectively but shall have at least termly meetings. The internal auditors and financial statements auditors may request a meeting of the Committee if they consider that one is necessary and the Committee will endeavour to comply with such requests.
f) Clerking
The Clerk to the Corporation shall attend all meetings of the Committee and shall record the minutes of meetings.
REMUNERATION COMMITTEE’S TERMS OF REFERENCE
a) Role of the Committee
To consider and advise on the remuneration and other terms and conditions of the holders of senior posts as determined by the Corporation and on the remuneration and other terms and conditions of the Clerk to the Corporation.
b) Membership
The Committee shall consist of 5 members of the Corporation whose appointment shall be approved by the Corporation and who shall include the Chairman of the Corporation. The Principal, staff and student members may not be members of the Remuneration Committee. The Principal shall normally be invited to attend meetings of the Committee but shall withdraw from meetings when his remuneration is considered. The Committee may invite other senior postholders to attend meetings where necessary and they too shall withdraw from meetings when their remuneration is considered.
c) Office of Chair
The Committee shall be responsible for selecting one of its members to hold the office of Chair. The Chair shall hold office for one year commencing on 1 August each year and shall be eligible for re-appointment
d) Quorum
Meetings of the Committee shall be quorate if 3 or more members are present.
e) Frequency of Meetings
The Committee shall hold meetings as frequently as it decides is appropriate to discharge its functions effectively but shall hold at least two meetings per year.
f) Clerking
The Clerk to the Corporation shall attend all meetings of the Committee and shall record the minutes of meetings.
SEARCH COMMITTEE’S TERMS OF REFERENCE
a) Role of Committee
- To advise the Corporation on the appointment of members of the Corporation other than the Principal and such other matters relating to membership and appointments as the Corporation shall remit to it having regard at all times to the provisions of the Instrument of Government and the policy of the Corporation
- To consider and make recommendations to the Corporation from time to time on the Corporation’s composition and balance and on the procedures for appointment to the Corporation.
- To undertake a regular skills audit in order to evaluate the range of skills and experience of members of the Corporation and to inform the process of recruiting new/replacement members.
b) Membership
The Committee shall consist of 5 members of the Corporation whose appointment shall be approved by the Corporation and who shall include the Chair of the Corporation.
c) Office of Chair
The Committee shall be responsible for selecting one of its members to hold the office of Chair. The Chair shall hold office for 1 year commencing on 1 August each year and shall be eligible for re-appointment.
d) Quorum
Meetings of the Committee shall be quorate if 3 or more members are present.
e) Frequency of Meetings
The Committee shall hold meetings as frequently as it decides is appropriate to discharge its functions effectively but shall hold at least two meetings during each academic year.
f) Clerking
The Clerk to the Corporation shall attend all meetings of the Committee and shall record the minutes of meetings.
