Audit Committee Terms of Reference

The role of the Audit Committee is to monitor and review the effectiveness of risk, assurance and audit activity. On behalf of the Board, the committee examines the effectiveness of the Land Registry’s:

systems of internal control and risk management systems, primarily through approving the internal audit plan and reviewing its findings, reviews of financial statements and a review of the nature, scope and reports of external audit;
management of risk by reviewing evidence of risk reviews and assurance activity;
action taken or to be taken to manage critical risks or to remedy any control failings or weaknesses identified.

In accordance with the 2010 Governance Code, membership of the audit committee comprises of two non-executive directors (and one non executive member – i.e. who sits on the Audit Committee only) who are independent of management and any other activity that might affect their objectivity. One member has recent and relevant financial experience to enable more effective discharge of the audit committee’s remit and terms of reference. The chair of the Audit Committee is appointed by the Land Registry Board, to whom the Committee reports.

The Committee provides a clear link between internal and external audit. The Head of Internal Audit attends the Committee, and has appropriate right of access to its members to help enable the delivery of an effective internal audit service.

Audit Committee Terms of Reference (PDF, 89.2KB )