Job Description - INDEPENDENT MEMBER OF AUDIT & RISK ASSSURANCE COMMITTEE

Job Description

RESPONSIBLE TO

Chair of Audit & Risk Assurance Committee

RESPONSIBLE FOR

N/A

JOB PURPOSE

To provide the Board with oversight and monitoring of the arrangements the organisation has in place in relation to risk management, governance and the system of internal control. 

MAIN DUTIES

As an independent member of the Audit & Risk Assurance Committee, you will be expected to contribute fully to the work of the Committee, the primary functions of which include:

Internal Audit

• To appoint internal auditors, setting the terms of their engagement, key performance indicators and audit fee. To consider and determine any question of resignation or dismissal of internal auditors.
• To agree and review the annual internal audit plan and three-year programme. 
• To receive and consider reports of the Internal Auditors.
• To consider the Internal Audit’s Annual Report, including their annual opinion and statement of assurance
• To receive and consider an annual report on the performance of the Internal auditors
• To receive and consider a written progress report from the representative of Internal Audit summarising:

• work performed (and a comparison with work planned)
• key issues emerging from Internal Audit work
• management response to audit recommendations
• changes to the audit programme
• any resourcing issues affecting the delivery of Internal Audit objectives

• Audit & Risk Committee shall meet privately with the Internal Auditors at least once annually.

External Audit

• To agree the external audit plan, however audit work will have commenced before plan finalised. Specifically, the Audit & Risk Committee will receive and consider:
• The Audit & Risk Committee shall meet privately with the External Auditors at least once annually

Financial Reporting 

• To review the draft annual financial statements before recommending for approval to the Board taking into consideration:

Control, Risk & Assurance

• Consider the effectiveness of the strategic internal control processes for risk, assurance control and governance
• Consider the Annual Statement on Internal Control and recommend it to Board for approval
• Consider the Organisation’s arrangements for information governance & cyber security
• Agree the Risk Strategy and risk appetite and consider any proposed changes
• Review the Corporate Risk Register at each meeting as a standing item
• Review the Assurance Framework at each meeting as a standing item
• Consider any proposed amendments to Financial Regulations and substantive changes to a scheme of Delegations
• Require assurances relating to the corporate governance requirements for the organisation
• Consider the anti-fraud policies and whistle blowing processes.
• Review the Gifts and Hospitality Register biannually

OUR VALUES

Our approach to enabling sport in Wales to thrive is evolving. We are committed to continually challenging ourselves to: 

Learn Together - Constantly exploring, testing and reviewing

Deliver Together - Sharing outcomes, nurturing open and honest relationships, providing robust feedback, constantly improving performance

Celebrate Together - Recognising our shared successes through effective partners

By:

Acting with Integrity - Understanding and Respecting each other’s culture and values. Promoting equality and diversity

Adding Value - Ensuring the optimum mix of support, challenge, investment, skills, and expertise to achieve our shared outcomes.

Encouraging Innovation - Welcoming new ideas and approaches and supporting ambition and fresh thinking.  Not being afraid to feel uncomfortable.

PERSON SPECIFICATION