Audit and Assurance committee handbook
Guidance on the principles and best practise for the organisation of Audit and Assurance committees.
Annex H: Self-assessment checklist
Role and remit |
YES/NO/ NA |
Comments/Action |
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Does the committee have written terms of reference? |
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Do the terms of reference cover the core functions as identified in the SG Audit and Assurance Committee Handbook? |
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Are the terms of reference approved by the Audit and Assurance Committee and reviewed periodically? |
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Has the committee been provided with sufficient membership, authority and resources to perform its role effectively and independently? |
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Does the body's governance statement mention the committee's establishment and its broad purpose? |
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Does the committee periodically assess its own effectiveness? |
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Membership, induction and training |
YES/NO/ NA |
Comments/Action |
Has the membership of the committee been formally agreed by the management board and or Accountable Officer and a quorum set? |
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Are members appointed for a fixed term? |
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Does at least one of the committee members have a financial background? |
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Are all members, including the Chair, independent of the Executive function? |
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Are new committee members provided with an appropriate induction? |
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Has each member formally declared his or her business interests? |
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Are members sufficiently independent of the other key committees of the Board? |
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Has the committee considered the arrangements for assessing the attendance and performance of each member? |
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Meetings |
YES/NO/ NA |
Comments/Action |
Does the committee meet regularly, at least four times a year? |
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Do the terms of reference set out the frequency and broad timing of meetings? |
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Does the committee calendar meet the body's business and governance needs, as well as the requirements of the financial reporting calendar? |
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Are members attending meetings on a regular basis and if not, is appropriate action taken? |
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Does the Accountable Officer attend all meetings and, if not, is he/she provided with a record of discussions? |
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Does the committee have the benefit of attendance of appropriate officials at its meetings, including representatives from internal audit, external audit and finance? |
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Internal control |
YES/NO/ NA |
Comments/Action |
Does the committee consider the findings of annual reviews by internal audit and others, on the effectiveness of the arrangements for risk management, control and governance? |
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Does the committee consider the findings of reviews on the effectiveness of the system of internal control? |
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Does the committee have responsibility for review of the draft governance statement and does it consider it separately from the accounts? |
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Does the committee consider how accurate and meaningful the governance statement is? |
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Does the committee satisfy itself that the arrangements for risk management, control and governance have operated effectively throughout the reporting period? |
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Has the committee considered how it should coordinate with other committees that may have responsibility for risk management and corporate governance? |
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Has the committee satisfied itself that the body has adopted appropriate arrangements to counter and deal with fraud? |
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Has the committee been made aware of the role of risk management in the preparation of the internal audit plan? |
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Does the committee's terms of reference include oversight of the risk management process? |
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Does the committee consider assurances provided by senior staff? |
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Does the committee receive and consider stewardship reports from senior staff in key business areas such as Finance, HR and ICT? |
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Financial reporting and regulatory matters |
YES/NO/ NA |
Comments/Action |
Is the committee's role in the consideration of the annual accounts clearly defined? |
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Does the committee consider, as appropriate: |
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Is an committee meeting scheduled to receive the external auditor's report to those charged with governance including a discussion of proposed adjustments to the accounts and other issues arising from the audit? |
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Does the committee review management's letter of representation? |
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Does the committee gain an understanding of management's procedures for preparing the body's annual accounts? |
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Does the committee have a mechanism to keep it aware of topical legal and regulatory issues? |
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Internal audit |
YES/NO/ NA |
Comments/Action |
Does the Head of Internal Audit attend meetings of the committee? |
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Does the committee consider, annually and in detail, the internal audit plan including consideration of whether the scope of internal audit work addresses the body's significant risks? |
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Does internal audit have a direct reporting line, if required, to the committee? |
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As well as an annual report from the Head of Internal Audit, does the committee receive progress reports from internal audit? |
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Are outputs from follow-up audits by internal audit monitored by the committee and does the committee consider the adequacy of implementation of recommendations? |
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If considered necessary, is the committee chair able to hold private discussions with the Head of Internal Audit? |
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Is there appropriate co-operation between the internal and external auditors? |
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Does the committee review the adequacy of internal audit staffing and other resources? |
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Are internal audit performance measures monitored by the committee? |
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Has the committee considered the information it wishes to receive from internal audit? |
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Has the committee considered formal terms of reference defining internal audit's objectives, responsibilities, authority and reporting lines? |
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External audit |
YES/NO/ NA |
Comments/Action |
Does the external audit representative attend meetings of the committee? |
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Do the external auditors present and discuss their audit plans and strategy with the committee (recognising the statutory duties of external audit)? |
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Does the committee chair hold periodic private discussions with the external auditor? |
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Does the committee review the external auditor's annual report to those charged with governance? |
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Does the committee ensure that officials are monitoring action taken to implement external audit recommendations? |
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Are reports on the work of external audit presented to the Audit and Assurance Committee? |
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Does the committee assess the performance of external audit? |
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Does the committee consider the external audit fee? |
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Administration |
YES/NO/ NA |
Comments/Action |
Does the committee have a designated secretariat? |
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Are agenda papers circulated in advance of meetings to allow adequate preparation by committee members and attendees? |
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Do reports to the committee communicate relevant information at the right frequency, time, and in a format that is effective? |
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Does the committee issue guidelines and/or a pro forma concerning the format and content of the papers to be presented? |
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Are minutes prepared and circulated promptly to the appropriate people, including all members of the Board? |
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Is a report on matters arising presented or does the Chair raise them at the committee's next meeting? |
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Do action points indicate who is to perform what and by when? |
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Does the committee provide an effective annual report on its own activities? |
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Overall |
YES/NO/ NA |
Comments/Action |
Does the committee effectively contribute to the overall control environment of the organisation? |
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Are there any areas where the committee could improve upon its current level of effectiveness? |
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Does the committee seek feedback on its performance from the Board and Accountable Officer? |
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