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LEP Audit and Risk Committee

Terms of Reference

Responsibilities

• Ensure that appropriate procedures are in place to identify, assess and manage risk from a

strategic and operational perspective, to monitor implementation of Risk Management

procedures and to report to the LEP Board as necessary.

• Have oversight of strategic and operational risk which is managed by the Management

Committee.

• Oversee the company’s relations with the external auditor and has primary responsibility for

making a recommendation on the appointment, reappointment and removal of the external

auditors.

• Assess the independence and objectivity of the external auditor annually, taking into

as a whole, are fair, balanced and understandable and provide the information necessary to

assess the company’s performance, business model and strategy.

• Oversees the development, implementation annual review of the LEP’s Assurance

Framework.

Membership and Appointment

The committee will consist of a minimum of four members, plus any additional members as agreed

by the Committee. An independent Chair will be appointed by the LEP board, the Accountable Body

s151 Officer, and two LEP Board members who are also appointed by the LEP Board. The LEP

Chairman, members of the Investment Appraisal Committee and members of the Leadership Team

may only be accepted in exceptional circumstances and only for public sector members at the

discretion of the Chair.

Attendance of non-members at meetings

The LEP COO will provide management support. Other attendees include the Finance and

Governance Manager, other individuals with oversight of risk, and a representative of the external

auditor shall attend meetings at the invitation of the Committee. Other members of LEP Leadership

Team may also be invited to attend meetings when required.

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financial reporting cycle. The Chair of the Audit & Risk Committee, LEP COO or external auditor may

request a meeting if they consider that one is necessary.

Delegated Authority including limits

The Committee is authorised by the LEP Board to investigate any activity within the Committee’s

terms of reference and, within its scope of responsibilities, to seek any information it requires and to

ensure the attendance of management representatives at meetings as appropriate. The Committee

has the authority to obtain outside legal or independent professional advice. The advisers may attend

meetings as necessary and the cost of the advisers shall be within budgetary constraints.

operating at maximum effectiveness and recommend any changes it considers necessary to the

LEP Board for approval.

The membership of the Committee will be reviewed annually.