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Business Assurance Service

Assurance Terms of Reference

Audit Committee

Governing bodies must ensure that they are fulfilling their responsibility for adequate and effective risk management, control and governance, and for the economy, efficiency and effectiveness (i.e. value for money (VFM)) of their institution’s activities. Accordingly, governing bodies of higher education institutions are required by the institution’s financial memoranda with the Higher Education Founding Council for England (HEFCE) to appoint an audit committee.

The overriding duties of the audit committee should normally include oversight of the:

  • effectiveness of the institution’s risk management, control and governance arrangements, and the arrangements to promote economy, efficiency and effectiveness
  •  internal audit arrangements, including advising the governing body on the appointment of the internal audit provider, and oversight of the nature and scope of internal audit and the effectiveness of the internal audit process
  • external audit arrangements, including advising the governing body on the appointment of the external auditor, and oversight of the nature and scope of external audit and the effectiveness of the external audit process
  • audit aspects of the institution's financial statements, including the external audit opinion, the statement of members' responsibilities, the statement of internal control and any relevant issue raised in the external auditors' management letter.  

(Handbook for Members of Audit Committees in Higher Education Institutions, Committee of University Chairmen)

The role and responsibilities of the audit committee are set out in the Audit Committee Terms of Reference. 

Business Assurance Service Terms of Reference

The Business Assurance Service is responsible for conducting an objective and independent appraisal of all the University's activities, financial and otherwise. It should provide a service to the whole organisation, including Council and all levels of management.

The role and responsibilities of the Business Assurance Service are set out in the Business Assurance Service Terms of Reference provided below.