University of Southampton Calendar 2016/17


University Calendar 2016/17 Section II : Committees of the Council

Audit Committee

Terms of reference

To recommend the appointment of internal and external auditors to the University and to approve the terms of such appointments and to ensure that the services are market tested on a regular basis.
To review annual financial statements before they are submitted to Council.
To review the findings of the external auditors including a review of the management letter and to discuss with them the extent of their audit; and to monitor the effectiveness of the external audit.
To review management procedures including risk management and to monitor the effectiveness of systems of accounting and internal control.
To review the Financial Regulations periodically (every four years) and report the outcome to Council. In the intervening years, to recommend to Council any necessary minor revisions.
To review the internal auditors' audit needs assessment and audit plan.
To monitor the effectiveness of internal audit and the actions taken in response to comments from the internal auditors and to recommend appropriate action as necessary.
To comment upon questions of control and governance, value for money and the general efficiency, economy and effectiveness with which aspects of the University's activity are undertaken, and to recommend appropriate action as necessary.
To review and monitor the effectiveness of the arrangements for the management and quality assurance of data submitted to the Higher Education Statistics Agency (HESA), HEFCE and other funding bodies.
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.
To oversee the institution's policy on fraud and irregularity, including being notified of any action under the policy.
To receive any relevant and appropriate reports from the National Audit Office, HEFCE or other bodies which directly affect or inform the work of the Committee.
The Committee will prepare an annual report covering the University's financial year to the Council of the University.

Note: The Committee normally reports to Council but has the right to insist that specified matters should be drawn to the attention of the President and Vice-Chancellor as the accountable officer.

Membership


	Lay Chair drawn from the membership of Council
	One University member not being the head of a budgetary group (appointed ad personam)¹
	Three persons with senior financial management experience gained outside the University (one of whom should be a lay member of Council).

	Secretary : Governance Services

Note: The appointed members shall normally have no more than two consecutive periods of office. The Treasurer is to be invited to attend meetings as an observer and has the right to speak, as appropriate. The President and Vice-Chancellor and Chief Operating Officer will attend meetings but will withdraw, as appropriate, to allow the Committee to discuss issues in private with the internal or external auditors.

¹ The University member should have financial management experience, having served either as a head of an academic unit or equivalent or at Faculty level.