The Risk and Audit Committee is a sub-committee set up by the Board to ensure the highest standards of stewardship and propriety in the use of public funds and ensure proper accountability for the use of those funds, both at the Trust centrally and at constituent schools.
The Committee works closely with the Finance Committee to support the Board to meet its responsibilities for issues of risk management, internal controls, value for money framework and governance.
It reports to the Trust Board as a critical element of the Trust’s annual reporting requirements.
The Committee meets at least four times a year, once in each of the three academic terms and once per year to receive the annual Report and Accounts from the External Auditors.
The core purpose of the external Audit Committee is to independently review the financial decisions that have been made by the drb Ignite Trust Board. This secures a robust system for the independent checking of financial controls, internal systems, transactions, and risks.
The key committee functions are to:
- review the risks to internal financial control
- agree a programme of work that will address these risks
- ensure work undertaken is sufficient to inform the statement of internal control and provide assurance to other external auditors