SPORT NORTHERN IRELAND AUDIT AND RISK MANAGEMENT COMMITTEE - TERMS OF REFERENCE
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1 SPORT NORTHERN IRELAND AUDIT AND RISK MANAGEMENT COMMITTEE - TERMS OF REFERENCE 1.0 The role of the Audit and Risk Management Committee 1.1 The Audit and Risk Management Committee supports the Board and CEO by offering objective advice on issues concerning the risk, control and governance of the organisation and the associated assurances. It has no authority in its own right, either over the operations of the organisation or over the operations of those bodies which conduct audit and assurance work in the organisation. 2.0 The Relationship with the Board of Sport Northern Ireland 2.1 The Audit and Risk Management Committee is a Committee of the Board of Sport NI. The Audit and Risk Management Committee will corporately own an appropriate skills mix to allow them to carry out their overall function. 2.2 There will be a two-way link between the Board and the Audit and Risk Management Committee through an element of common membership. The Audit and Risk Management Committee will report back through the Board in order that the whole Board may consider the assurances and advice provided by the Audit and Risk Management Committee, and an element of common membership helps ensure that Audit and Risk Management Committee views are properly represented in Board discussions. In any case, Minutes of the Audit and Risk Management Committee should be made available to members of the Board. 2.3 An Audit and Risk Management Committee corporately requires a range of competencies to allow it to be effective in its functions. These competencies will include, at least, understanding the government environment and accountability structures; understanding the function of the organisation; financial/accountancy skills; and management skills. 1 P age
2 3.0 The Purpose of the Terms of Reference 3.1 The Audit and Risk Management Committee s remit will include considering the adequacy of risk management and internal control through reviewing (inter alia): The strategic processes for risk, control and governance; The accounting policies and the accounts of the organisation; The management of cases of actual / suspected fraud; The planned activity and results of both internal and external audit; Adequacy of management response to issues identified by audit activity; Assurances relating to the corporate governance requirements for the organisation; and (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. 4.0 Membership 4.1 Four Members are appointed by the Chair of the Board and serve on the Committee for a four-year term which may be extended in line with a Member s term of appointment to the Board. 5.0 Meetings 5.1 The Audit and Risk Management Committee will normally meet six times a year. 5.2 The quorum for the Audit and Risk Management Committee shall be at least 50% of its current membership rounded up. 5.2 Audit and Risk Management Committee meetings will normally be attended by the CEO, the Director of Sport Management Services, the Internal Auditor, and a representative from the Northern Ireland Audit Office. 5.3 The Audit and Risk Management Committee may ask other officials of the organisation or invite/co-opt/procure external parties with specialist knowledge/skills to attend to assist it with its discussions on any particular matter. 2 P age
3 5.4 The Audit and Risk Management Committee may ask any or all of those who normally attend but who are not members to withdraw to facilitate open and frank discussion of particular matters. 5.5 The CEO or Board may ask the Audit and Risk Management Committee to convene further meetings to discuss particular issues on which they seek the Committee s advice. 6.0 Access 6.1 The Internal Auditor and the representative of the Northern Ireland Audit Office will have free and confidential access to the Chair of the Audit and Risk Management Committee. 7.0 Reporting 7.1 The Audit and Risk Management Committee will formally report back to the Board after each meeting. 7.2 The Audit and Risk Management Committee will provide the Board with an Annual Report, timed to support the finalisation of the accounts and the Statement of Governance, summarising its conclusions from the work it has done during the year. 8.0 Responsibilities 8.1 The Audit and Risk Management Committee will advise the CEO and Board on The strategic processes for risk, control and governance; The accounting policies and the accounts of the organisation; The planned activity and results of both internal and external audit; Adequacy of management response to issues identified by audit activity including external audit s management letter; Assurances relating to the corporate governance requirements for the organisation; (Where appropriate) proposal for tendering for Internal Audit services of for the purchase of non-audit services from contactors who provide audit services; Anti-fraud polices, whistleblowing processes and arrangements for special investigations; 3 P age
4 The Audit and Risk Management Committee will also periodically review its own effectiveness and report the results of that review to the Board. 8.2 To achieve this, the Audit and Risk Management Committee (for each meeting) will be provided with: A report summarising any changes to the organisation s Risk Register; and A progress report (verbal or written) from the Internal Auditor summarising: - Work performed (and a comparison with work planned); - Key issues emerging from Internal Audit work; - Management response to audit recommendations; - Changes to the periodic plan; and - Resource issues affecting the delivery of Internal Audit objectives. 8.3 Where appropriate: Progress report (verbal or written) from the External Audit representative summarising work done and emerging findings; Proposals for the Terms of Reference of Internal Audit; The Internal Audit Strategy; The Internal Auditor s Annual Opinion and Report; Quality Assurance reports on the internal audit function; The draft accounts of the organisation; The draft Governance Statement; A report on any changes to accounting policies; External Audit s management letter; A report on any proposals to tender for audit functions; and A report on co-operation between Internal and External Audit. 9.0 Performance Evaluation 9.1 The performance of Audit and Risk Management Committee and its members will be formally evaluated annually by the Committee Chair to ensure that the commitment and skills mix contributes and supports the objectives of the Committee. 4 P age
5 10.0 Terms of Reference Review 10.1 The Audit and Risk Management Committee Terms of Reference will be reviewed on a regular basis and at least every two years. Any recommendations for change will be submitted to the Board for approval. 5 P age
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