Model terms of reference for the Audit and Risk Committee of an academy trust
Of interest to all involved in the governance of academy trusts.
Of interest to all involved in the governance of academy trusts
This guidance note proposes model terms of reference for the audit and risk committee of an academy trust seeking to comply fully with the requirements of the Department for Education’s (DfE) and the Education and Skills Funding Agency’s (ESFA) guidance. It is informed by governance standards in other sectors and draws on the experience of clerks, company secretaries and governance professionals from across the UK economy, as well as good practice in some of the UK’s largest listed companies.
It is necessary, and good practice, to delegate some functions of the academy trust board to committees and individuals who have more time and expertise to dedicate to the function in question . However, this does not mean that responsibility has been delegated, as the board retains oversight and ownership of the function: accountability remains with the academy trust board. In many sectors there are standing committees which support the work of the board, including audit and remuneration committees.
This document includes:
- Notes on the terms of reference
- Model terms of reference
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