Common use of Audit and Risk Assurance Committee Clause in Contracts

Audit and Risk Assurance Committee. ‌ 6.1 A further important aspect of the College’s governance framework is its Audit and Risk Assurance Committee, hereafter referred to as Audit & Risk Committee (ARC) in-line with the Colleges Articles, which is required by the 1997 Order and the Articles of Government and established in line with the extant ARAC Handbook (NI). 6.2 The ARC’s purpose/role is to support the College Accounting Officer and GB on governance issues. In line with the extant ARAC Handbook (NI) the ARC focuses on: • assurance arrangements over governance; financial reporting; annual reports and accounts, including the Governance Statement; and • ensuring there is an adequate and effective risk management and assurance framework in place. 6.3 The College and the Department have agreed arrangements in respect of ARACs which include: • attendance by Departmental representative(s) in an observer capacity at the College’s ARC meetings, including the receipt of papers in advance of meetings; • input to the College’s Internal Audit Plan/Strategy as required; • access to the College ARC papers and minutes; • any input required from the College’s ARC to the Departmental ARAC; and • attendance at the Departmental ARAC Chair’s Forum. This forum is hosted by the Chair of the Department’s ARAC and the purpose of the forum is to facilitate co-operation and information sharing between ARAC Chairs from across Departmental Partner Organisations. 6.4 Full compliance with the extant ARAC Handbook (NI) is an essential requirement. In the event of significant non-compliance with the Handbook’s five good practice principles (or other non-compliance) discussion will be required with the Department and a full explanation provided in the annual Governance Statement. 6.5 The extant ARAC Handbook (NI) is available on the DoF website. It is noted that members of the ARC should not be members of any college finance committee or equivalent. The Chair of the Governing Body and the Principal/Chief Executive of the College cannot be a member or Chair of the ARC; however they can attend meetings. 6.6 Should the ARC require additional skills, not available within the existing ARC membership, reference should be made to the extant ARAC Handbook (NI) in the first instance and any individual drafted in as an advisor will not have the status of a member appointed to the GB (i.e. no voting rights).

Audit and Risk Assurance Committee. ‌(ARAC)‌ 6.1 A further important aspect of the College’s governance framework is its Audit and Risk Assurance Committee, hereafter referred to as Audit & Risk Committee (ARCAC) in-in- line with the Colleges Articles, which is required by the 1997 Order and the Articles of Government and established in line with the extant ARAC Handbook (NI). 6.2 The ARCAC’s purpose/role is to support the College Accounting Officer and GB on governance issues. In line with the extant ARAC Handbook (NI) the ARC AC focuses on: • assurance arrangements over governance; financial reporting; annual reports and accounts, including the Governance Statement; and • ensuring there is an adequate and effective risk management and assurance framework in place. 6.3 The College and the Department have agreed arrangements in respect of ARACs which include: • attendance by Departmental representative(s) in an observer capacity at the College’s ARC AC meetings, including the receipt of papers in advance of meetings; • input to the College’s Internal Audit Plan/Strategy as required; • access to the College ARC AC papers and minutes; • any input required from the College’s ARC AC to the Departmental ARAC; and • attendance at the Departmental ARAC Chair’s Forum. This forum is hosted by the Chair of the Department’s ARAC and the purpose of the forum is to facilitate co-operation and information sharing between ARAC Chairs from across Departmental Partner Organisations. 6.4 Full compliance with the extant ARAC Handbook (NI) is an essential requirement. In the event of significant non-compliance with the Handbook’s five good practice principles (or other non-compliance) discussion will be required with the Department and a full explanation provided in the annual Governance Statement. 6.5 The extant ARAC Handbook (NI) is available on the DoF website. It is noted that members of the ARC AC should not be members of any college finance committee or equivalent. The Chair of the Governing Body and the Principal/Chief Executive of the College cannot be a member or Chair of the ARC; AC, however they can attend meetings. 6.6 Should the ARC AC require additional skills, not available within the existing ARC AC membership, reference should be made to the extant ARAC Handbook (NI) in the first instance and any individual drafted in as an advisor will not have the status of a member appointed to the GB (i.e. no voting rights).

Audit and Risk Assurance Committee. ‌ 6.1 A further important aspect of the College’s governance framework is its Audit and Risk Assurance Committee, hereafter referred to as Audit & Risk Committee (ARC) in-line with the Colleges Articles, which is required by the 1997 Order and the Articles of Government and established in line with the extant ARAC Handbook (NI). 6.2 The ARC’s purpose/role is to support the College Accounting Officer and GB on governance issues. In line with the extant ARAC Handbook (NI) the ARC focuses on: • assurance arrangements over governance; financial reporting; annual reports and accounts, including the Governance Statement; and • ensuring there is an adequate and effective risk management and assurance framework in place. 6.3 The College and the Department have agreed arrangements in respect of ARACs which include: DRAFT • attendance by Departmental representative(s) in an observer capacity at the College’s ARC meetings, including the receipt of papers in advance of meetings; • input to the College’s Internal Audit Plan/Strategy as required; • access to the College ARC papers and minutes; • any input required from the College’s ARC to the Departmental ARAC; and • attendance at the Departmental ARAC Chair’s Forum. This forum is hosted by the Chair of the Department’s ARAC and the purpose of the forum is to facilitate co-operation and information sharing between ARAC Chairs from across Departmental Partner Organisations. 6.4 Full compliance with the extant ARAC Handbook (NI) is an essential requirement. In the event of significant non-compliance with the Handbook’s five good practice principles (or other non-compliance) discussion will be required with the Department and a full explanation provided in the annual Governance Statement. 6.5 The extant ARAC Handbook (NI) is available on the DoF website. It is noted that members of the ARC should not be members of any college finance committee or equivalent. The Chair of the Governing Body and the Principal/Chief Executive of the College cannot be a member or Chair of the ARC; however they can attend meetings. 6.6 Should the ARC require additional skills, not available within the existing ARC membership, reference should be made to the extant ARAC Handbook (NI) in the first instance and any individual drafted in as an advisor will not have the status of a member appointed to the GB (i.e. no voting rights).

Audit and Risk Assurance Committee. ‌ 6.1 A further important aspect of the College’s governance framework is its Audit and Risk Assurance Committee, hereafter referred to as Audit & Risk Committee (ARC) in-line with the Colleges Articles, which is required by the 1997 Order and the Articles of Government and established in line with the extant ARAC Handbook (NI). 6.2 The ARC’s purpose/role is to support the College Accounting Officer and GB on governance issues. In line with the extant ARAC Handbook (NI) the ARC focuses on: • assurance arrangements over governance; financial reporting; annual reports and accounts, including the Governance Statement; and • ensuring there is an adequate and effective risk management and assurance framework in place. 6.3 The College and the Department have agreed arrangements in respect of ARACs which include: • attendance by Departmental representative(s) in an observer capacity at the College’s ARC meetings, including the receipt of papers in advance of meetings; • input to the College’s Internal Audit Plan/Strategy as required; • access to the College ARC papers and minutes; • any input required from the College’s ARC to the Departmental ARAC; and • attendance at the Departmental ARAC Chair’s Forum. This forum is hosted by the Chair of the Department’s ARAC and the purpose of the forum is to facilitate co-operation and information sharing between ARAC Chairs from across Departmental Partner Organisations. 6.4 Full compliance with the extant ARAC Handbook (NI) is an essential requirement. In the event of significant non-compliance with the Handbook’s five good practice principles (or other non-compliance) discussion will be required with the Department and a full explanation provided in the annual Governance Statement. 6.5 The extant ARAC Handbook (NI) is available on the DoF website. It is noted that members of the ARC should not be members of any college finance committee or equivalent. The Chair of the Governing Body and the Principal/Chief Executive of the College cannot be a member or Chair of the ARC; however they can attend meetings. 6.6 Should the ARC require additional skills, not available within the existing ARC membership, reference should be made to the extant ARAC Handbook (NI) in the first instance and any individual drafted in as an advisor will not have the status of a member appointed to the GB (i.e. no voting rights).