1.      Terms of Reference

         The following Terms of Reference and associated responsibilities of the Audit Committee cover all the operations of the University and the Group including wholly owned and subsidiary companies:

1.1     To monitor the executive decisions of the management of the University in relation to the mission and strategic directions set by the Council;

1.2     To monitor compliance with the agreed procedures of the University;

1.3     To commission value for money audits as appropriate;

1.4     To approve the annual work plan of the Internal Audit unit and to review the Unit’s reports and findings;

1.5     To make recommendations to the Council on the appointment of Auditors and to oversee the annual financial audit of the University accounts;

1.6     To review and advise the Council on the procedures that are in place to prevent and to investigate fraud and any other financial irregularities; and

1.7     To review regularly the risk management policies of the University.

2.      Constitution

Chairman

         Lay member of Council

Members

         Five lay members of Council

         One external member

In attendance

         Director of Finance

         Director of Internal Audit Office

Secretary

         Secretary to Council