The Audit and Risk Committee

The Board has established an Audit and Risk Committee to support them in their responsibilities for issues of risk, control and governance, financial reporting and associated assurance.

Constitution

The Audit and Risk Committee is a committee of the Board of Trustees.

Purpose

The Audit and Risk Committee exists to:

  • Provide the board and the Museum Director (as Accounting Officer) with the assurance that an adequate process of corporate governance, risk management and internal control is in place and working effectively.
  • Review the operation of the Museum's code of practice for Board members, the register of Interests and the code of conduct for staff, including the Whistle Blowing Service.

Download the latest Audit and Risk Committee's Register of Interests PDF (36.5 KB)

 

Members

The current members of the Audit and Risk Committee are:

Those in attendance include:

Meetings

Committee meetings take place four times a year.

Risk and Assurance

The nature of audit, its role and responsibilities:

  • Internal audit is an independent, objective, assurance and advisory function designed to help the organisation accomplish its vision, goals and objectives by systematically evaluating and providing advice on the adequacy and effectiveness of the organisation's risk management, control and governance processes.
  • To achieve independence, the Head of Risk and Assurance reports directly to the Museum Director (Chief Executive), the Chairman of the Audit and Risk Committee and where necessary, the Chairman of the Board of Trustees.

Role and responsibilities

The prime responsibility of Risk and Assurance is to:

  • Provide an assurance to the Museum Director, Trustees and the Department for Culture Media and Sport on the effectiveness of the Museum's governance processes and risk management strategies.
  • Assist in the management of risk by reviewing operations and making necessary and appropriate recommendations to strengthen and improve the system of internal control.
  • Provide advice on corporate risk and other risk issues.

Standards

The operation and conduct of the members of the Risk and Assurance department is governed primarily by:

  • The HM Treasury code of ethics for internal auditors and their standards of best practice.
  • The professional standards set by the Institute of Internal Auditor (IIA) and CCAB Accountancy Bodies.

You can access the minutes from the Audit and Risk Committee meetings from here.

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