Audit and Risk Committee (Member)

Tenure:                3 years from date of appointment

Commitment:      Minimum of 4 meetings per year

Fees:                    £265 per meeting (inc. preparation, report writing, etc)

Responsibilities of Members:

Members should attend meetings as appropriate and operate within the Terms of Reference of the Audit and Risk Committee.

Duties of Members:

1.   Internal Control and Risk Management

Members of the Committee shall review the establishment and maintenance of an effective system of internal control and risk management. In particular, the Committee will review the adequacy of:

• All risk and control-related disclosure statements, together with any accompanying Internal Audit statement, prior to endorsement by the Commissioner;
• The structures, processes and responsibilities for identifying and managing key risks facing the organisation;
• The policies for ensuring that there is compliance with relevant regulatory, legal and code of conduct requirements as set out in the Controls Assurance Standards and other relevant guidance;
• The operational effectiveness of policies and procedures; and
• The policies and procedures for all work related to fraud and corruption as set out in Secretary of State Directions.

 2.   Internal Audit

To consider the appointment of the internal audit service, the audit fee and any questions of resignation and dismissal:

• To review the internal audit programme, consider the major findings of internal audit investigations (and management's response), and ensure co-ordination      between the Internal and External Auditors; and
• To ensure that the Internal Audit function is adequately resourced and has appropriate standing within the organisation.

 3.   External Audit  

• Discuss with the External Auditor, before the audit commences, the nature and scope of the audit, and ensure coordination, as appropriate; and
• Review External Audit reports, including value for money reports and annual audit letters, together with the management response.

 4.   Financial Reporting  

Review the annual financial statements before submission to the Commissioner, focusing particularly on:

• Changes in, and compliance with, accounting policies and practices;
• Major judgemental areas;
• Significant adjustments resulting from the audit.

 Audit and Risk Committee Framework

 All members of the Audit and Risk Committee should have, or acquire as soon as possible after appointment:

• Understanding of the objectives of NICCY and current significant issues for NICCY;
• Understanding of NICCY’s structure, including key relationships such as that with OFMDFM;
• Understanding of NICCY’s culture;
• Understanding of any relevant legislation or other rules governing NICCY;
• Broad understanding of the government environment, particularly accountability structures and current major initiatives.

 The Audit and Risk Committee should as a whole (i.e. including members and those in attendance) corporately possess:

 Knowledge/ skills/ experience (as appropriate and required) in:

• Accounting, Risk Management, Audit, Specialist issues pertinent to NICCY’s business;
• Experience of managing similar sized organisations;
• Understanding of the wider relevant environments in which NICCY operates; and
• Detailed understanding of the government environment and accountability structures.

PERSON SPECIFICATION

Members should possess the following:

• Commitment to NICCY’s mission of promoting and protecting the rights and best interests of children and young people, and to the vision and values of NICCY;
• Five years experience at Board level in at least one of Accounting, Risk management, Audit or Specialist issues pertinent to an organisation’s business.
• Broad understanding of the government environment, particularly accountability structures and current major initiatives.
• Five years experience at senior management level in a similar sized organisation.