Audit Committee

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The Audit Committee is responsible for overseeing all aspects of the college's management on behalf of the UHI Shetland Board of Management.

Committee Members content Dates of Meetings content

Dates of Meetings

Academic Year 2022-2023:

Papers from past meetings.

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Audit Committee Terms of Reference

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Constitution

Constitution

The UHI Shetland Board of Management has established a committee known as the Audit Committee. The quorum for all meetings of the committee shall be three members who are entitled to vote.

The Committee may be attended, at the invitation of the Chair, by members of the College's academic and support staff or by external advisers. The purpose of such an invitation will be to provide specialist information and advice to assist the Committee in its deliberations. Individuals attending on this basis may not vote on any decision made by the Committee.

A representative from external auditors shall attend meetings where business relevant to them is to be discussed. At least once a year, the committee should meet with the external auditors without any officers present.

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Membership

Membership

Not less than five Board Members. At least one member of the Committee should have recent and relevant experience in finance, accounting or auditing.

Board members not eligible for appointment are the Chair of the Board, the Principal, members elected by the teaching and non-teaching staff of the college and the persons appointed by the Students Association.

No member of the Finance and General Purposes Committee shall also be a member of the Audit Committee. The Committee may if it considers it necessary or desirable, co-opt members with particular expertise.

Membership of the Committee should satisfy the requirements of the SFC Code of Audit Practice, and / or other appropriate guidance, as may be directed by the Board of Management.

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Frequency of Meetings

Frequency of Meetings

The Committee shall meet no less than four times each year.

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Remit

Remit

The Committee’s remit is to review and monitor the following aspects of the College’s operations, and to advise the Board appropriately on:

  1. The comprehensiveness, reliability and integrity of assurance of the governance and management of the College.
  2. The comprehensiveness, reliability and integrity of assurance of the risk management and business continuity of the College.
  3. The comprehensiveness, reliability and integrity of the College’s financial management and other internal control and management systems.
  4. The effectiveness of arrangements for safeguarding the assets of the College and the public funds at its disposal.
  5. The economy, efficiency and effectiveness of the College’s activities, including value for money.
  6. The effectiveness of the corporate governance and conduct of the College operations.
  7. All aspects of the provision of an effective Internal audit service.
  8. All aspects of the provision of an effective External audit service.
  9. The effective provision of Health and Safety arrangements to meet all legislative requirements.
  10. Public interest disclosure (whistle-blowing) arrangements.
  11. Data Protection and Freedom of Information arrangements.

Specifically, the Audit Committee shall:

  1. Receive updates to and review the contents of the risk register maintained by the College.
  2. Review the reports submitted by the College’s Internal Auditors and receive progress reports from College Management on the Internal Audit recommendations.
  3. Jointly with the Board’s Finance and General Purposes Committee review the annual report of the College’s external auditors and the associated College financial statements on which that report is based.
  4. Prepare an annual report for the Board of Management.
  5. Sit privately without any non-members present for all or part of the meeting if it so decides. The Committee will meet privately with the internal and external auditors at least annually.
  6. The Audit Committee shall conduct its business in accordance with the requirements of any guidance and/ or codes of practice issued from time to time by the SFC and/ or any other relevant statutory or regulatory authority, as directed by the Board of Management.
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References

References

Transition Board Meeting Paper TB2020-17 - Committee Terms of Reference and Attachment (pdfs). (21 Oct 2020).