Audit committees: fulfilling annual reporting requirements

Colleges are operating in an environment where there is increased emphasis on effective governance and sustainability, allied to the greater freedoms and flexibilities afforded under the Education Act 2011. Naturally, with greater freedom, comes greater accountability.

Colleges are accountable to a range of stakeholders including learners and local communities as well as government and funding bodies. As colleges seek to navigate their way through a number of uncertainties, the board more than ever, is looking to the audit committee to provide assurance with regards to risk management, internal control, governance and the college’s use of resources (value for money), but also to provide advice and insight.

Under the Joint Audit Code of Practice (JACOP), there is a requirement for the audit committee to produce an annual report, which is submitted to the corporation prior to the statement of corporate governance and internal control being signed. This paper identifies core requirements of the audit committee annual report as well as those matters that audit committees should cover in order for the annual report to be of real value.

Download the full paper here.