Audit and Risk Committee

We are seeking expressions of interest from suitably experienced individuals with a financial, accountancy or audit background interested in serving on our Audit and Risk Committee.

This is a fantastic opportunity to be involved in the governance of one of the world’s leading universities. The Audit and Risk Committee reviews the corporate governance arrangements, financial systems, internal control environment, risk management and internal and external audit reports for the University. Meetings are held four times a year in accordance with the requirements of the audit cycle and the reporting arrangements for the Annual Report and Accounts.

The vacancy is for an external member (please note that current employees and current students of the University are not eligible) and while the position is unremunerated, the University will meet all reasonable costs associated with membership of the Committee. Appointments are subject to approval by the University Court (the University’s governing body) and would be for three years in the first instance with the possibility of extension for a further three years subject to review. 

Further information on the role is below.  For informal enquires or discussion please contact the Deputy Head of Court Services, Kirstie Graham, via court@ed.ac.uk. 

 

Role Description: Audit and Risk Committee Member

Role of the Audit and Risk Committee

The Audit and Risk Committee has a key role to play in the effective governance of the University and ensuring there is effective: risk management, internal control, external and internal audit, value for money arrangements and financial systems in the University. The Audit and Risk Committee reviews matters such as the annual report and accounts on behalf of the University Court (the University’s governing body) and makes assurances to Court. The Committee has oversight of the assessment of strategic risks, supported by the University’s Risk Management Committee.

The University is a registered charity and complies with Audit requirements as set out in the Scottish Funding Council’s Financial Memorandum. In 2024 the University’s turnover was £1.4 billion.

The Audit and Risk Committee consists of five members. Currently there are three members of the University’s Court (the University’s governing body) and two external members, with one upcoming vacancy for an external member. Members in attendance include the Principal and Vice-Chancellor, the Vice-Principal and University Secretary, Head of Internal Audit, the External Auditors, Interim Director of Finance and Convener of the Risk Management Committee.

The full terms of reference for the Committee can be found on our website:

http://www.ed.ac.uk/schools-departments/governance-strategic-planning/governance/university-committees/court-committees/audit-and-risk-committee/terms-of-reference 

Responsibilities of members

Audit and Risk Committee members provide high level oversight to ensure adequate control arrangements are in place to support management and provide assurance to Court. This work is distinct from the executive management of the University, responsibility for which rests with the University’s senior managers.

External members are asked to bring their expertise and experience to bear on this work. All members will question intelligently, debate constructively, challenge rigorously and decide dispassionately, having listened sensitively to the views of others, inside and outside meetings of the Audit and Risk Committee.

As part of their work on the Committee, Audit and Risk Committee members are expected to gain an understanding of the University (its objectives, risks, structure and culture), as well as the legal framework governing the institution.

Period of Appointment

The appointment will be made for an initial period of a maximum of 3 years and appointees will be eligible for consideration for reappointment for a further term of 3 years.

Remuneration

In common with most higher education institutions, there is no remuneration directly associated with membership of Committees but the University will meet reasonable expenses incurred in connection with membership of the Audit and Risk Committee or activities on behalf of the University including meeting child and other dependent care costs.

Time commitment

The Committee meets four times a year. Members may also be invited to join occasional ad hoc Sub-Groups of the Committee.

Knowledge, Skills and Experience

Essential:

  • Accounting experience, particularly in respect of financial management and financial reporting (with a professional accounting qualification).
  • Senior management experience in a large organisation.
  • Knowledge of corporate governance arrangements.
  • Ability to challenge rigorously and debate constructively.
  • Strong communication and inter-personal skills.
  • Ability to analyse and weigh up complex information and reach a decision.

Desirable:

  • Knowledge or experience of information technology or information management.
  • Knowledge or experience of health and safety.
  • Knowledge of the higher education sector.
  • Knowledge or experience of audit and auditing practices.

Application Procedure

Individuals with relevant experience and knowledge able to make a contribution to the work of the University Court are invited to express interest by contacting court@ed.ac.uk.  

The University of Edinburgh welcomes applications from all sectors of the community, particularly from traditionally under-represented groups.The University Court and members of University Committees operate in line with a Code of Conduct, which is based on good practice on governance. If successful, new members of University Committees are asked by means of a letter sent after appointment to acknowledge that they are familiar with this Code and that they understand their obligations under it.

It is anticipated that interviews will take place on 26 June 2025.

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