Our committees

Finance and Audit Committee

Members

Terms of reference

Purpose

  • To advise the Board on the SRA's budget and on the integrity of the management accounts.
  • To advise the Board on the effectiveness of the systems of internal control, governance and operational risk management.
  • To monitor the adequacy of both the internal and external audit services.
  • To approve exceptional spend of £5 million or above on a single project.

Duties

  • To review the overall financial status of the SRA, including spend against budget, funding and financial controls and policies.
  • To advise the Board on the organisation's business plans.
  • To approve SRA spend of £5 million or above on a single project on behalf of the Board.
  • To monitor major capital programmes, including IT projects, and to provide assurance that there are robust business cases, appropriate executive governance and benefits realisation.
  • To monitor the SRA's strategic risk register covering risks relating to SRA's ability to deliver its strategic objectives. NB: regulatory risk is a matter for the Policy Committee
  • To assess the processes in place to provide assurance that:
    • a) all strategic risks are captured, together with appropriate internal control measures;
    • b) mechanisms for the management of risk are in place, including on fraud, money laundering and information security policies, enabling the Board to respond to material risks to achieving the SRA's objectives.
  • To advise the Board on setting the SRA's annual budget and Net Funding Requirement.
  • To advise the Board on the setting, and level, of Compensation Fund contributions to be made by regulated individuals and firms.
  • To advise the Board on matters relating to the administration of the Compensation Fund and of monies held on Statutory Trust.
  • To review assurance statements relied on from the SRA by all sources.
  • To review the SRA's whistleblowing policy and consider reports made under the policy.

Internal Audit

  • To approve the internal audit coverage and plan.
  • To review all internal audit reports relating to the SRA, and monitor implementation of agreed actions arising from such reports.

External Audit

  • To liaise with Group Audit Committee and ensure appropriate exchange of information.
  • To advise on those sections of the Group Audit and Accounts which relate to the SRA.
  • To consider and advise the Board on those sections of the external auditor's management letter which relate to the SRA and monitor implementation of agreed actions arising from the letter.
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