Membership:

No fewer than 3 and not more than 5 Members comprising:

4 Members of Court who are not members of Finance Committee
1 independent member with recent and relevant experience in finance, accounting or auditing.

Period of Office:

The members of the Committee shall serve for a period of three years, and are eligible for re election.  Membership shall cease on expiry of the member's term of office on the University Court.

Meetings:

The Committee will meet at least three times per year.

Quorum:

At least two members.

Terms of Reference:

1. To advise Court 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 Court on the appointment and terms of engagement of the internal audit service, 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 and programme, to consider major findings of internal audit investigations and managements' response; and promote co-ordination between the internal and external auditors.  The Committee will make recommendations to the Court to ensure that the resources made available for internal audit are sufficient to meet the University's needs.

6. To keep under review the effectiveness of 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 University'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, the HEFCE and other organisations.

12.  To monitor annually the performance and effectiveness of external and internal auditors including matters affecting their objectivity and to make recommendations to the Court concerning their re-appointment, where appropriate.

13. To agree the University's accounting policies

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

15. To submit an annual report to the Court and designated officer, summarising the activity for the year.  It will give the committee's opinion on the adequacy and effectiveness of the University's arrangements for the following; risk register, control and governance (including the accuracy of the statement of internal control); economy, efficiency and effectiveness.  The audit committee annual report should normally be submitted to the Court before the members' responsibility statement in the annual financial statements is signed.

16. To review the effectiveness of the Committee from time to time.

 
All references to the University mean the University of Greenwich and any subsidiary Companies it has formed.