The Audit & Risk (A&R) Committee of The Road Safety Trust (RST) exists to support the Chair, Chief Executive, Head of Finance and the Board of Trustees in their responsibilities for the oversight of risks, issues, management control and governance across the organisation (including the charity’s trading subsidiary, UKROEd).
To facilitate the fiduciary delivery of the Trust’s strategic objectives, the Audit & Risk Committee seeks to recruit Trustees with experience in financial management and charity governance.
Duties as an Audit and Risk Committee Member
The Committee carries out the duties detailed below for The Road Safety Trust as appropriate:
- Oversee the production of the organisation’s annual accounts and recommend them to the Board for approval.
- Review the effectiveness of internal and statutory auditors and recommend re-appointment or change to the RST Board.
- Scrutinise any aspect of the work of the organisation against the criteria of best practice and report as appropriate.
- Review, and challenge (where appropriate):
- the organisation’s financial, accounting and tax policies, practices and processes, including IT.
- the organisation’s internal control systems including policies for addressing fraud.
- the arrangements for controlling and reporting organisation expenditure.
- the organisation’s assessment and management of risk.
- the results of the statutory audit, including the management letter and the response by management to the points raised in the letter.
- the implementation of recommendations from internal and statutory audit reports.
- arrangements to sign off the organisation’s final set of statutory accounts in the event of the organisation’s closure.
- Report annually to the Board on its views of the governance of the organisation and its own effectiveness.
- Approve any significant changes to insurance cover that increases risk to the organisation.
- Approve any changes to the charity’s internal audit arrangements.
- Review the investment policy annually to ensure the organisation invests in line with this policy, the risk and reserves policy and maintains a suitable balance to reflect its risk appetite.
- Review and make recommendations about the RST Strategic Risk Register to the Board of Trustees.
- Complete specific tasks as delegated by the Board of Trustees.
Membership and Attendance
Comprising of no fewer than four members, the A&R Committee possesses knowledge and skills in the areas of accounting, risk management, auditing, financial governance and specific areas of legislation relevant to the business and strategic management of the RST.
Frequency of meetings
The Committee shall meet at least three times per annum.