Audit, Risk and Assurance Committee

What the Committee does

The Audit, Risk and Assurance Committee (ARAC) advises and assists the Board in its oversight of the integrity and effectiveness of the organisation. It helps the Board to fulfil its responsibilities in a range of areas, examining the processes in place and how they operate, in respect of the entire assurance and control environment of the University.

The Committee reviews financial reporting, risk management, internal controls and governance arrangements. In particular, the members analyse reports received from internal and external auditors and review the annual financial accounts. 

ARAC also produces an annual report for the Board of Directors on the adequacy and effectiveness of the institution's arrangements. 

The University's internal auditors are RSM, the external auditors are Bishop Fleming LLP. Both report directly to ARAC.

The Committee's Terms of Reference are aligned with the CUC HE Audit Committees Code of Practice (2020).