The Audit and Risk Committee met for the first time in 2005. It is authorised by the RSE Council/RSE Scotland Foundation Trustees to investigate any activity within its terms of reference and to seek any information it requires from any employee. All employees are directed to co-operate with any request made by the Committee. Its duties include:
Reviewing the annual financial statements, including the auditor’s formal opinion, the statement of RSE Council’s/RSE Scotland Foundation/RSE Scotland SCIO Trustees’ responsibilities and any risk management statements, focusing particularly on changes in and compliance with accounting policies and practices and major judgemental areas.
Discussing with the external auditors any problems and reservations arising from the audit, including a review of the management letter incorporating management responses, and any other matters the external auditors may wish to discuss (in the absence of management where necessary).
Advising the RSE Council/RSE Scotland Foundation Trustees on the appointment of the external auditors, the audit fee, the provision of any non-audit services by the external auditors and any questions of resignation or dismissal of the external auditors.
Keeping under review the effectiveness of internal control and risk management systems.
Satisfying itself that satisfactory arrangements are in place to promote the economy, efficiency and effectiveness in carrying out the charitable purposes of the Society/Foundation.
The committee meets usually twice each financial year, before and after the external audit, usually in February and August, to discharge duties. It is also responsible for monitoring the financial and other activities of all RSE Committees.