Finance and Audit Committee
Chairman
Mr Andrew Mitchell QC
Vice-Chairman
Sir Geoffrey Nice QC
Secretary
Mr Brian Buck
The Terms of Reference are:
Financial Reporting and Controls
a. To determine and keep under review the Bar Council’s accounting policies and procedures;
b. At least every 3 years, to review Bar Council income, expenditure and organisation comprehensively in consultation with the BSB and GMC and to provide a report to the Bar Council on the results of any such review;
c. To review and finalise the annual budget, in consultation with the BSB and GMC as appropriate, for presentation to the Bar Council and to review, also in consultation with the BSB and GMC as appropriate, and where appropriate put forward proposals for the alteration of practising certificate fees and member services fee levels and bandings;
d. To review the Bar Council’s monthly management accounts and the quarterly reports provided by the Chief Executive and Directors and make recommendations or take such actions as may be necessary or desirable in the interests of the Bar Council in the light of such accounts;
e. To oversee the production, and monitor the integrity, of the Bar Council’s annual report and accounts and, subject to audit, to approve them for submission to the Bar Council;
f. To determine and keep under review the Bar Council’s banking arrangements, so as to ensure that they reflect current need, value for money and balance of risk;
g. To keep under review the level and nature of the Bar Council’s investments, borrowings and insurance cover (other than under the Bar Council’s Mutual Indemnity Scheme) and take all such action in relation thereto as is necessary or desirable in the interests of the Bar Council;
h. To produce and keep under review a Finance Manual setting out the procedures for preparing the annual budget, levels and procedures for the authorisation of expenditure and all other financial controls;
i. To determine the circumstances under which any person may be exempted in whole or part from any requirement to pay a practising certificate fee or member services fee to the Bar Council;
j. To oversee and delegate, if appropriate, contractual arrangements affecting the hire or purchase of the Bar Council’s premises and its office equipment and furniture;k. To provide advice on any other matters referred to it by the Bar Council, the BSB or the GMC.
Governance, Risk Management and Internal Controls
l. To establish and maintain an effective system of integrated governance, risk management and internal control, including an annual review of the Bar Council and BSB risk registers, and to make appropriate use for this purpose of:
i. internal audits;
ii. external audits; and
iii. reports and assurances from the Chief Executive and Directors.
Internal Audit
m. To determine and keep under review the need for, and the arrangements for the provision of, internal audits, having regard to the Bar Council’s risk management strategy and the need for the internal audit function to be effective, to be adequately resourced and to have appropriate standing within the Bar Council;
n. To appoint (if and when appropriate) a head of internal audit and to determine and keep under review his or her remit and work;
o. To consider any internal audit reports, and any management responses thereto, and make recommendations or take such actions as may be necessary or desirable in the interests of the Bar Council in the light thereof;
External Audit
p. To make recommendations to the Bar Council on the appointment and removal of the external auditors;
q. To oversee the relationship with the external auditors, including:i. approving their terms of engagement and remuneration;
ii. ensuring that the nature and scope of the external audit is agreed in advance;
iii. ensuring that the external auditors are informed of any significant developments or risks which might impact upon the audit process or fee; and
iv. ensuring that there is co-ordination of internal and external audit activity.r. To monitor and review the external auditor’s independence, objectivity and effectiveness;
s. To review the findings of the external auditor and ensure that issues raised in the management letter are addressed by the Bar Council’s staff;
t. To determine and keep under review policy on the engagement of the external auditor to supply non-audit services.
