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Audit Committee terms of reference

The duties of the Committee are to:

  1. Review NERC’s internal and external financial statements and reports to ensure that they reflect best practice;

  2. Review the effectiveness of NERC’s internal control systems established to ensure that the aims, objectives and key performance targets of NERC are achieved in the most economic and effective manner. The Committee will pay particular attention to the management of risk and contingency plans for all business critical projects and report to Council on any aspects that might prejudice Council operations.

  3. Review NERC performance in the areas of health and safety and the security of staff, property and other assets;

  4. Review NERC's performance with regard to implementation of fraud and whistle blowing policies.

  5. In connection with internal audit to:

    1. Consider internal audit reports, including value-for-money reports and the arrangements for their implementation;

    2. Ensure that the Research Councils’ Internal Audit Service meets or exceeds the standards specified in the Government Internal Audit Manual and meets agreed levels of service;

    3. Consider and advise Council on the annual and long-term internal audit and NERC Evaluation programmes;

    4. Consider the effectiveness of the Internal Audit service provision to NERC.

  6. In connection with external audit to:

    1. Discuss with NAO the nature and scope of each audit and to ensure that the NAO has the fullest co-operation of staff;

    2. Consider all relevant reports by the Comptroller and Auditor General and the NAO, and the management responses to these;

    3. Consider the effectiveness of the External Audit service provision to NERC;

  7. Consider any major and unresolved findings arising from audit programmes, primarily from internal and external audits, the NERC Evaluation Programme and from any other relevant reviews brought to the attention on the Audit Committee;

  8. Review the operation of codes of practice for Council members and NERC staff;

  9. Consider any other matters at the request of Council or the Chief Executive.