The Audit Committee
The role of the Audit Committee
The Audit Committee is a committee of the Corporation established under the terms of clause 5 of the Articles of Government (2012).
The role of the Committee is to advise the Corporation on the adequacy and effectiveness of the Group’s assurance framework, playing a robust role in good stewardship and risk management. This includes systems of internal control and its arrangements for risk management, control and governance processes, and securing economy, efficiency and effectiveness (value for money) the solvency of the institution and the safeguarding of its assets, ensuring it fulfils its statutory and regulatory responsibilities.
In addition, the Audit Committee advises and supports the Corporation in explaining, in its annual accounts, the measures taken to ensure it has fulfilled it statutory responsibilities
In carrying out the above requirement, the Committee shall ensure that the internal control systems, including audit activities, of the Corporation and any of its subsidiaries are monitored actively, independently and objectively in order to:-
- advise on the adequacy and effectiveness of the Group’s systems of assurance and internal control;
- advise on the Group’s arrangements for risk management, control and governance processes;
- reinforce the independence and effectiveness of the internal audit function;
- provide a sounding board for Group management on issues of concern in connection with the Group’s internal control systems;
- obtain advice on the reliability of the Group’s information systems;
- underpin the objectivity and independence of the external auditors;
- increase public confidence in the objectivity and fairness of the Corporation’s financial reports and in the quality of the Group’s corporate governance.
Audit Committee membership
The Audit Committee membership comprises of:
Kevin Slack (Audit Committee Chair)
Rosslyn Green (Co-opted Audit Committee member)
Audit Committee Terms of Reference
The Audit Committee Terms of Reference were last updated in October 2021 and can be found Audit Committee Terms of Reference (PDF)
The quoracy for the Committee is laid out in the Terms of Reference.