Audit and risk committee: requirements (academies)

You must have an audit and risk committee with oversight of the trust's finances and internal scrutiny. Be clear on what the requirements are so your committee is compliant.

Last reviewed on 27 March 2024
School types: AcademySchool phases: AllRef: 5268
Contents
  1. The requirements
  2. What this committee does
  3. The rules on committee membership
  4. What internal scrutiny involves
  5. What external audit involves
  6. Examples of audit committees

The requirements

Academy trusts must establish an audit and risk committee (appointed by the board).

It can be a:

  • Dedicated committee: you must have a dedicated audit and risk committee if your trust's annual income is over £50 million
  • Combined committee: other trusts can include the functions of an audit and risk committee within another committee, such as the finance committee

The committee should meet at least 3 times a year.

You can find this in sections 3.6 and 3.7 of the Academy Trust Handbook (ATH) 2023.

What this committee does

The committee must:

  • Oversee and approve the trust's programme of internal scrutiny
  • Ensure that risks are being addressed appropriately through internal scrutiny
  • Report to the board on the adequacy of your trust's internal control framework
    • This includes financial and non-financial controls and management of risks

Have a written terms of reference describing its remit Agree an annual programme of work to deliver internal scrutiny Review the ratings and responses on the risk

The Key has taken great care in publishing this article. However, some of the article's content and information may come from or link to third party sources whose quality, relevance, accuracy, completeness, currency and reliability we do not guarantee. Accordingly, we will not be held liable for any use of or reliance placed on this article's content or the links or downloads it provides. This article may contain information sourced from public sector bodies and licensed under the Open Government Licence v3.0.