- To advise the Board of 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.
- To discuss, if necessary, with the external auditors, before the audit begins, the nature and scope of the audit.
- To discuss with the external auditors problems and reservations arising from the interim and final audits, 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).
- To consider and advise the Board of Trustees on the appointment and terms of engagement of the internal audit service, the audit fee, the provision of any non-audit services by the internal auditors and any questions of resignation or dismissal of the internal auditors.
- To review the nature and scope of internal auditors’ audit plan; to consider major findings of internal audit investigations and management’s response; to monitor the implementation of agreed audit-based recommendations, to promote co-ordination between the internal and external auditors and to discuss with the internal auditors any problems and reservations arising from their audit.
Risk Management, Governance & Control
- To monitor and review the effectiveness of risk management and control of all NMITE’s activities and those which would apply upon NMITE's registration with the OfS and its entry into a validation agreement with a validating body.
- To undertake regular reviews of the effectiveness of academic governance arrangements in previous years.
- To prepare an annual report on academic governance for review and approval by the Board.
- To scrutinise the Academic Council’s proposed action plans in respect of the outcomes arising from such Quality and Standard Reviews undertaken by the Quality Assurance Agency on behalf of the OfS.
- To review the performance and effectiveness of the external and internal auditors annually, making recommendations to the governing body as to their reappointment.
- To review each quarterly assurance report and the management responses, and the internal auditors’ annual report and management responses.
- To ensure that all significant losses have been properly investigated and that the internal and external auditors have been informed.
- To ensure that satisfactory arrangements are in place to promote economy, efficiency, and effectiveness.
- To keep the quality and accuracy of data submitted on behalf of NMITE to external agencies under review.
- To exercise oversight regarding NMITE’s compliance with the General Data Protection Regulation (GDPR).
- To oversee NMITE’s Corruption & Anti-Bribery Policy and Whistleblowing Policy.
- To review regularly NMITE’s insurance arrangements for assets, people, and business risks.
- To prepare an annual report covering the institution’s financial year and any significant issues up to the date of preparing the report, addressed to the Board of Trustees , summarising the activity for the year.
- In the event of a merger or dissolution of NMITE, to ensure that the necessary actions are completed, including arranging for a final set of financial statements to be completed and signed. [Other items to include reviewing the Strategic and Operational Risk Registers, participating in NMITE’s Fraud Response Plan]