Audit Committee | New City College

Purpose of the Committee

The Audit Committee has oversight of the audit arrangements for systems and financial processes, the annual financial statements, and organisational risk management. It will adopt a financial strategy and funding plan which are compatible with the duty to ensure the sustainability and solvency of the College. It must adopt effective systems of control and risk management that promote value for money, efficient use of the estate and technology, and produce accurate and quality assured college data. The Committee provides the Corporation with an opinion on the adequacy and effectiveness of assurance arrangements, the framework of governance, and risk management. The Committee ensures that key risks are identified, actions put in place, and are monitored.

The Committee oversees the Corporation’s policies on fraud, irregularity, and whistleblowing. It ensures any allegations are followed up and reported on appropriately, follows up on identified actions, and ensures mitigating controls are put in place.

The appointment, re-appointment, dismissal, and remuneration of the external auditor and reporting accountant is the responsibility of the Corporation, but the Audit Committee provides advice and guidance and ensures that professional standards are met.

An Audit Committee is a requirement of the Articles of Government and the Financial Memorandum. The Post-16 Audit Code of Practice (ACOP) outlines the specific requirements for the assurance, accountability, and audit arrangements for providers of Post 16 education.