TERMS OF REFERENCE
AUDIT, RISK and COMPLIANCE SUB-COMMITTEE
PURPOSE The Audit, Risk and Compliance Sub-Committee is responsible for ensuring effective systems are in place for
internal control and risk management, in accordance with the business's agreed risk appetite. The committee
maintains the appropriate relations with the company’s auditor
ROLE JOB TITLE
CHAIR Non-executive director
MEMBERS Post Office Chairman
Non-executive director 1
Non-executive director 3
(one of the above must have FS extpertise)
OTHER ATTENDEES Chief Executive Officer
Chief Financial Officer
Legal & Compliance Director
SECRETARIAT Company Secretary (or Assistant)
[QUORUM [Two members
[ FREQUENCY [ Quarterly, follows Risk & Compliance Committee and precedes PO Board
RESPONSIBILITIES :
+ Approval of both the internal and external audit plans
Reviewing progress on addressing audit recommendations
Approval of the compliance strategy
Approval of the assurance strategy
Recommendation to the Board on:
risk appetite levels,
the risk strategy,
internal controls, and
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risk based priorities for internal audit
+ Reviewing the auditors’ management letter
+ Reviewing the draft annual report, half-yearly and yearly accounts
SPECIFIC POWERS & AUTHORITIES :
+ Recommending the appointment or removal of the auditor to the Board
+ Recommendation of any significant change in accounting policy or practices
+ Recommending the annual report, half-yearly and yearly accounts to the Board for approval
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