Audit and Risk Management Committee

Roger Inman

Roger Inman
Chair

Jim Gazzard

Jim Gazzard
Vice Chair

Alan-Maltpress

Alan Maltpress

Julia Wakelam

Julia Wakelam

The purpose of the Audit and Risk Management Committee is to review the effectiveness of the internal control environment and risk management arrangements, providing timely advice to the Board of Trustees on areas within its remit.

In accordance with the Academies Financial Handbook (Sept 2018) the Committee shall be responsible:

1. To oversee the control framework that recognises public expectations about governance, standards and openness.

2. To make considered choices about its desired risk profile, taking account of any legal obligations, business objectives and public expectations.

3. To recognise and manage present and future risks to ensure effective and continued operation of the Trust and will maintain a risk register.

4. To ensure that the management of risks include both contingency and business continuity planning.

5. To provide assurance over the suitability of, and compliance with, its financial systems and operational controls. Taking into account the differing risks and complexity of operations.

6. To provide assurances to the Board of Trustees that risks are being adequately identified and managed by:

(a) reviewing the risks of internal financial control at the Trust; and

(b) agreeing a programme of work to address, and provide assurance on, those risks

The outcome of the work should inform the governance statement that accompanies the Trust’s annual accounts and, so far as is possible, provide assurance to external auditors.

7. To manage a programme of risk review and checking of financial controls in the way that is deemed most appropriate to the circumstances of the Trust; i.e. appointment of internal audit services, supplementary programme of works by external audit services etc

8. Advising the Board of Trustees on:

(a) the strategic processes for risk, control and governance and the Governance Statement;

(b) the accounting policies, the accounts, and the annual report of the Trust, including the process for review of the accounts prior to submission for audit, level or error identified, and management’s letter of representation to the external auditors;

(c) the planned activity and results of both internal and external audit;

(d) adequacy of management response to issues identified by audit activity, including external audit’s management letter;

(e) assurances relating to the management of risk and corporate governance requirements; and

(f) anti-fraud policies, whistleblowing processes and arrangements for special investigations.

9. The Committee will also periodically review its own effectiveness and report the results of that review to the Board of Trustees.

Collective attendance at Audit and Risk Management Committee meetings in the 2018/19 academic year was 80%. Individual Trustee attendance is recorded and monitored by the Trust Secretary.

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