Audit and Risk Committee (ARC)

Audit and Risk Committee Overview

The Audit and Risk Committee (ARC) is a sub-committee of the Governing Authority, Údarás na hOllscoile. ARC membership is made up of both Údarás na hOllscoile and external members.

The ARC, as detailed in Audit and Risk Committee Terms of Reference, assists Údarás na hOllscoile in fulfilling its oversight responsibilities, by providing independent and timely advice on areas within its remit. The Committee is not responsible for any executive functions and is not vested with any executive powers.

Purpose

The ARC supports Údarás na hOllscoile in its responsibilities for risk, internal control and governance by reviewing the comprehensiveness of assurances in meeting the Governing Authority’s and Accounting Officer (President)’s assurance needs and reviewing the reliability and integrity of these assurances. The ARC provides independent advice to the Governing Authority regarding the suitability and robustness of the organisation’s internal control systems. It considers the adequacy of the control framework within the University of Galway. 

ARC Terms of Reference

The Audit and Risk Committee Terms of Reference sets out the purpose, authority, membership, meeting structure, reporting requirements, responsibilities and rights of the committee. Some of the primary areas the committee reviews are the following;

• The significant financial reporting issues and judgments in the draft annual financial statements of the University, consolidated statements and reports. The ARC recommends to Údarás na hOllscoile whether they approve any accounts so reviewed by the Committee.
• Evaluate the effectiveness of the systems of internal control, including financial, operational and compliance controls, results reporting, risk management and governance.
• The ARC also recommends to Údarás na hOllscoile on the appointment of the commercial auditors.

The ARC is supported in its work by the Internal Audit Unit.