Independent Member - Audit Committee

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Audit Committee members will be expected to assist the Committee in the following tasks:

• Oversee the appointment and performance management of the external auditors, recommending to the Board the appointment, re-appointment or removal of the auditors
• Bring independent financial acumen to the work of the audit committee across its governance, risk management, assurance and internal control functions

• Provide challenge to the audit committee to ensure that it is effective in its role and that robust internal control systems are in place and operating effectively

• Determine the approach and attitude to providing effective oversight of risks and ensure there are prudent controls to assist in managing risk
• Set an integrated agenda relevant to the current operating environment, taking full account of the important strategic issues it faces and aligning with the annual planner for the board and other committees
• Support a constructive dynamic within the committee, enabling grounded debate with contributions from all, ensuring the committee sees itself as a team, has the right balance and diversity of skills, knowledge and perspectives, and the confidence to challenge on all aspects of the agenda
• Contribute to the committee’s independence as a source of assurance to the board and contributing to the committee in establishing effective and ethical decision-making processes
• Ensure safeguards are in place to allow staff and other individuals, where relevant, to raise, in confidence, concerns about possible improprieties in matters of financial reporting and control, procurement and use of resources. These processes should also reassure individuals raising concerns that they will be protected from potential negative repercussions.

• Approve the external auditor engagement fee and terms.
• Consider the external auditor management letter and reports including material weaknesses relating to accounting and internal control.
• Consider and comment on annual internal audit plans and strategies and monitor effectiveness and impact of its work.
• Consider any significant issues arising from internal or external audit activity and ensure that appropriate responsive action is taken and impacts of actions are monitored.
• Consider and comment on the annual report and financial statements prepared by the organisation to ensure transparency and integrity.
• Approving annual statements to be included in the annual report concerning governance, internal controls, and risk management.
• Monitor and review the effectiveness of the Board Assurance Framework.
• Monitor and review the effective development and management of the risk management policies, and continuously monitor and review existing and emerging strategic risks, including undertaking deep dives of identified strategic risks.
• Ensure that effective management strategies, policies and plans are in place to manage statutory and regulatory compliance, and that controls are adequate to prevent fraud and corruption.
• Developing and reviewing the Committee’s effectiveness and annual cycle of business.
• Conducting any other audit related responsibilities as may from time to time be allocated by the Board.
• To participate fully in the discharge of all Audit Committee functions, as set out in the Audit Committee’s terms of reference and the constitution