Audit and Risk Management Committee

Established as a standing committee of Governing Authority, the Audit and Risk Management Committee (ARMC) is responsible for advising the Governing Authority on the audit of the resources of the University, reviewing the annual financial statements of the University and advising the Governing Authority on risk management issues.  ARMC is currently in office for the period 01 February 2014 to 31 January 2019. 

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University Secretariat
email: univsec@ucd.ie

Terms of reference of the Audit and Risk Management Committee:

Financial Statements

(a) to review the draft annual consolidated financial statements of the University and their format before submission to the Finance, Remuneration & Asset Management Committee and the Governing Authority, focusing particulary on:

(i) the accounting policies to be adopted for financial statements

(ii) any changes in accounting policies and practices

(iii) major judgmental areas

(iv) significant adjustments resulting from the audit

(v) the going concern assumption

(vi) compliance with accounting standards

(vii) compliance with legal requirements

 

(b) to recommend the draft annual consolidated financial statements for approval by the Governing Authority;

 

External Audit

(c) to consider and advise the Governing Authority on the appointment, resignation or dismissal of the external auditor and on the audit fee;

 

(d) to discuss with the external auditor before the audit commences the nature and scope of the audit;

 

(e) to discuss problems and reservations arising from the audit and any other matters requested by the external auditor (in the absence of management, where necessary);

 

(f) to review the external auditor’s Management Letter and all other audit letters from the external auditor and to consider management’s response thereon;

 

(g) to monitor the performance and quality of the external auditor’s work and the external auditor’s independence from the University;

 

Internal Control

(h) to consider management procedures to ensure that the quality of the internal control environment is adequate;

 

(i) to consider the major findings of internal investigations and management’s response;

 

Internal Audit

(j) to satisfy itself that the arrangements made for and resources available to Internal Audit are suitable, and to monitor the performance of Internal Audit;

 

(k) to  approve  the  Internal  Audit  annual  work  programme,  to  review  Internal  Audit reports and to consider major findings and management’s response;

 

Risk Management

(l) to keep under review and advise on the effectiveness of the risk management system.

 

Other Matters

(m) to consider other topics, as requested by the Governing Authority or initiated by the Committee

 

 

ARMC Membership

1 February 2014 – 31 January 2019

Mr Adrian Burke (Chair)

Ms Mary Barrett

Mr Martin Cosgrove, Director of Operational Risk, Aviva Europe

Ms Isabel Foley, Arthur Cox

Dr Russell Higgs, UCD School of Mathematical Sciences

Mr Hugo O’Donnell, UCD Applied Languages Centre

 

ARMC Meeting Schedule 2017/18

 

Submission Deadline  Meeting Date
Monday 11 September 2017 Thursday 21 September 2017, 10am 
Monday 6 November 2017 Thursday 16 November 2017, 10am 
Monday 27 November 2017 Thursday 7 December 2017, 10am 
Monday 5 February 2018 Thursday 15 February 2018, 10am 
Tuesday 3 April 2018 Thursday 12 April 2018, 10am 
Tuesday 8 May 2018 Thursday 17 May 2018, 10am 

 

 ARMC Schedule of Meetings 2017/18 (PDF)