The VSS Audit and Risk Committee (ARC) and its Chair are appointed by the Board. The Chair is independent and is not a member of the VSS Board.
The ARC’s terms of reference set out its purpose as being to support the Interim Accounting Officer in monitoring risk, control and governance systems (including financial reporting). Additionally the ARC will advise the Board and the Accounting Officer on the adequacy of audit arrangements (internal and external) and on the implications of assurances provided in respect of risk and control.
The ARC’s agenda of work has been established in line with best practice set out in the Department of Finance and Personnel’s Audit and Risk Assurance Handbook. The ARC does not have executive powers.