STFC Audit Committee

Introduction

STFC has a responsibility to maintain high standards of corporate governance at all times, including making use of an independent Audit Committee (Management Statement, Paragraph 72 (PDF - 10990kB - link opens in a new window)) to help to address the key financial and other risks facing the Council.

The STFC has established an Audit Committee as a sub-Committee of Council, to support them in their responsibilities for issues of risk, control, governance and associated assurance by:

• Reviewing the comprehensiveness of assurances in meeting the Council / Accounting Officer’s assurance needs;
• Reviewing the reliability and integrity of these assurances;
• Providing an opinion on how well the Council and Accounting Officer are supported in decision making and in discharging their accountability obligations (particularly in respect of Financial Reporting).

The Committee acts in an advisory capacity and has no executive powers.

The Chief Executive as Accounting Officer has responsibility under the terms of the Management Statement (PDF - 10990kB - link opens in a new window) for the effective, safe and efficient operation of the Council through the establishment and maintenance of reasonable internal controls, and will take into account the advice of the Audit Committee as appropriate.

Membership

The Council appoints members to the Committee. A quorum shall consist of two members, one of whom must be a non-executive Council Member who shall act as Chairman.

All members are subject to periodic performance appraisal by the Audit Committee Chair. The Audit Committee Chair is subject to appraisal by the STFC Council Chair.

Members are appointed for 3 years. Current membership is:

• Marshall Davies - Council Member and Audit Committee Chair
• Mrs Gill Ball - Council Member
• Dr Derek Chadwick - Independent Member
• Mr Ric Piper - Independent Member
• Mr Rob Low - Independent Member

Authority

The Committee is authorised by the Council to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee and all employees are directed to co-operate with any request made by the Committee.

Reporting

The Audit Committee reports to Council after each meeting, such report to include the Minutes.

Responsibilities

Members of the Audit Committee, both individually and collectively, must avoid accepting responsibilities which might impede its independence and the objectivity with which it advises Council. All members are required to declare any conflicts of interest at each meeting.

Meetings

The Audit Committee meets at least twice a year. The Chairman of the Audit Committee is responsible for convening meetings and may convene additional meetings, as deemed necessary.

Audit Committee meetings will normally be attended by the Chief Executive as Accounting Officer, the Finance Director, the Director of Internal Audit, and a representative of the National Audit Office (External Audit).