Audit Risk and Assurance Committee (ARAC)

Specific Terms of Reference

Purpose

The Audit and Risk Assurance Committee (ARAC) is a standing committee that is a requirement of the Welsh Government’s Framework Document with Amgueddfa Cymru. Its principal role is to advise the Board and to support the Director General / Accounting Officer on matters of risk, financial stewardship and accountability, internal control and governance.

Hywel John is the Chair of the Audit and Risk Assurance Committee (ARAC)

Scope

The ARAC will provide assurance on the establishment and maintenance of an effective control environment to ensure financial and wider business integrity, sustainability and continuity. The ARAC will monitor Amgueddfa Cymru Board risk management processes to ensure their effectiveness in anticipating future risks as well as addressing the here and now, and that risk mitigation measures are consistent with Amgueddfa Cymru Board risk appetite.

The ARAC will provide the Board and the Director General/Accounting Officer with an Annual Report summarising the business it has conducted during the year and the conclusions it has drawn therefrom. This will also inform the production of the Chief Executive/Accounting Officer’s Governance Statement.

Responsibilities

The Audit, Risk & Assurance Committee will advise the Director General in his capacity as Accounting Officer and the Board on:

• the efficacy, adequacy and appropriateness of the Museum’s arrangements for internal and external audit
• the adequacy and appropriateness of the strategic processes for risk, control and governance
• the planned activity and results of both internal and external audit
• adequacy of management response to issues identified by audit activity
• the operation of the Museum’s code of conduct for Board members, the Register of Interests and the code of conduct for staff, including the whistleblowing service
• the adequacy of policies against fraud, corruption and whistleblowing.
• assurances relating to the corporate governance requirements for the organisation including the Governance Statement

Meetings

The Committee will normally meet quarterly and arrange the meetings through the Corporate Governance Manager at dates appropriate for conducting the review of the internal and external audit work programmes. Further meetings will be called if required.

Membership

The President, Vice-President and Treasurer, and up to four other Trustees members are to be members of the Audit Risk and Assurance Committee.

Other Attendees are the Director General, The Chief Operating Officer, Director of Corporate Resources, The Director of Visitor Experience, The Director of Business Development, Director of Learning and Public Programmes, The Corporate Governance Manager.