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The Audit & Risk Assurance Committee's Terms of Reference

Updated: 25 Sep 2018
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The Audit Committee advises on risk, controls & governance
New houses at Roden Street, Belfast
The Audit & Risk Assurance Committee, as an established Committee of the Board, supports the Board in its responsibilities for issues of risk control and governance, by reviewing the comprehensiveness of assurances in meeting the Board and Accounting Officer’s assurance needs and reviewing the reliability and integrity of these assurances.
The Audit & Risk Assurance Committee membership comprises three Board Members and two independent external Members. The Chief Executive and Directors attend Audit & Risk Assurance Committee meetings together with representatives from NIAO and DSD.
The Audit & Risk Assurance Committee is an advisory and scrutiny body with no decision making powers.
In accordance with its Terms of Reference, the Audit & Risk Assurance Committee will advise the Board and Accounting Officer on:
  • the strategic process for risk, control and governance and the Statement on Internal Control;
  • the accounting policies, the accounts and the annual report of the organisation, including the process for review of the accounts prior to submission for audit, levels of error identified, and management’s letter of representation to Northern Ireland Audit Office (NIAO);
  • the planned activity and results of both internal and external audit including the approval of Internal Audit Plans;
  • adequacy of management’s response to issues identified by audit activity, including NIAO’s ‘Report to those charged with governance’ (RTTCWG).
  • assurances relating to the corporate governance requirements for the organisation;
  • (where appropriate) proposals for tendering for either internal or external audit services or for purchase of non-audit services from contractors who provide audit services;
  • anti-fraud policies, whistle-blowing processes, and arrangements for special investigations;
  • the results of the periodic review (at least every two years) of the ‘Code of Practice for Housing Executive Board Members;
  • the results of the annual review of the Audit Committee’s effectiveness
  • an annual report on the efficiency and effectiveness of the internal audit function including a report on co-operation between Internal Audit and NIAO;
  • Value for Money audits;
  • the review of the Compliance Unit;
  • review of assurance reports.