Automatic Enrolment Retirement Savings System Act 2024
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Audit and risk committee | ||
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18. (1) There shall be an audit and risk committee of the Board. | ||
(2) The audit and risk committee shall— | ||
(a) ensure the transparency and integrity of the Authority’s accounting and financial reporting systems, | ||
(b) ensure that appropriate systems of internal control are in place, in particular, systems for risk management and financial and operational control, and | ||
(c) arrange for the appointment of auditors to carry out audits of the books, accounts and other financial statements of service providers engaged under section 32 and investment management providers appointed under section 68 so far as they relate to the services performed for the Authority. | ||
(3) The members of the audit and risk committee shall comprise— | ||
(a) 2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and | ||
(b) not less than 3 persons who are not members of the Board or members of staff of the Authority but who have acquired substantial relevant expertise and experience and who are appointed by the Board with the consent of the Minister. | ||
(4) The Board shall appoint one of the members appointed under subsection (3)(a) to be the chairperson of the audit and risk committee. | ||
(5) A member of the audit and risk committee shall hold office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Board determines at the time of the member’s appointment. | ||
(6) The Board may regulate the procedure of the audit and risk committee but, subject to that, it shall regulate its own procedure. |