Audit Committee (1989-present)

c1989 Terms of Reference: to provide independent and authoritative advice to the Board of Governors on the effectiveness of internal control and management systems including those for securing the economy, efficiency and effectiveness of the institutions activities.

c1992-present Terms of reference: to advise 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 external auditors; to discuss if necessary with the external auditors before the audit commences the nature and scope of the audit; to discuss any problems and reservations arising from the external audit and any matters the auditors may wish to discuss; to advise on the criteria for selection and the appointment of an internal audit service; to review the internal audit plan, consider major findings of the internal audit investigations and management's response, and promote co-ordination between the internal and external auditors; to monitor and advise on the effectiveness of the institution's internal control systems; to consider external audit reports and management letters and to monitor annually or more frequently if necessary the implementation of approved recommendations relating both to internal audit reports and external audit reports and management letters; to satisfy itself that appropriate arrangements are in place to promote economy, efficiency and effectiveness; to consider ways by which an appropriate level of financial understanding and responsibility may be developed across the University; to receive and consider any relevant reports from the National Audit Office and the HEFCE; to monitor the performance and effectiveness of internal and external audit; to consider the draft annual accounts; to report as appropriate to the Court of Governors.

Members 1998: 3-5 people including 3 non executive governors.

Members 2008: at least 3 independent governors, co-opted non-governors with particular expertise (as appropriate).