We have an exciting opportunity to join our board of directors as Independent Chair of Audit & Risk Committee.
You’ll lead the committee in the review of the effectiveness of the Society’s internal controls and risk management systems, whilst overseeing the internal and external Audit & Risk arrangements.
You’ll create an ambience in which Committee members feel supported, empowered, and enabled to carry out their role.
Responsibilities
* Run the Audit & Risk Committee and work in conjunction with the Society Secretary to set its agenda
* Set the style and tone of Committee meeting discussions to promote effective decision-making and constructive challenge
* Encourage active involvement by all Committee members and ensure that the Committee meet with the internal auditor and external auditor independently of management at least once each year
* Work with the Society Secretary in identifying and meeting the development needs of members of the Audit & Risk Committee, including an induction programme for new members, with a view to enhancing overall Committee effectiveness
* Ensure that the Committee annually monitors the integrity of the financial statements of the Society and that the Committee approves all accounting policies of the Society prior to their being put into effect
* Ensure that the Committee keeps under review the effectiveness of the Society’s internal controls and risk management systems and to regularly review the Society’s most significant risks and management’s actions to mitigate them
* Lead the Committee in approving the appointment and removal of the outsourced provider of internal audit, to consider and approve their remit and to ensure appropriate access to information, free from management or other restrictions to enable it to perform its function effectively and independently and in accordance with relevant professional standards
* Ensure that the Committee reviews and agrees the annual internal audit plan and to monitor and review the effectiveness of the outsourced provider of internal auditor in the context of the overall risk management system of Southern Co‑op
* Lead the Committee in making recommendation to the Board, to be put to members for approval at the AGM, in relation to the appointment or removal of the Society’s external auditor, to oversee the selection process for new auditors, when required, and to ensure that the Committee approves the terms of engagement and remuneration
* Ensure that the Committee approves the annual external audit plan, reviews the findings of each audit, and assesses the effectiveness of the audit and the independence and objectivity of the external auditor
* Establish an effective working relationship with the outsourced provider of internal audit, external auditor, Finance Director, Society Secretary, and where one is appointed the Vice-Chair of the Audit & Risk Committee and make sure that direct access to each is freely available
* Promote the highest standards of corporate governance and to report formally to the Board of Directors on the Committee’s proceedings after each meeting.
You’ll be independent of Southern Co-op and a qualified accountant, or have substantial financial experience gained from non-competing but complementary business. This is three years fixed term capable of renewal at the board's discretion and the hours are approximately 8 -10 days a year.
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