Audit and Risk Assurance Committee Handbook
The role of the Audit and Risk Assurance Committee is a challenging one and needs strong, independent members with an appropriate range of skills and experience. It will benefit from a strong collaborative relationship with the organisation to ensure that the committee gets the support and information that it needs. The committee will also need to act as the conscience of the organisation and to provide insight and strong constructive challenge where required, for example, regarding risks arising from increasing fiscal and resource constraints, new service delivery models, information flows on risk and control, and the agility of the organisation to respond to emerging risks.
The Audit and Risk Assurance Handbook has been designed to give guidance to Audit and Risk Assurance Committees in fulfilling this role. It has been updated to reflect developing best practice in governance, and in particular to support the provisions of 'Corporate governance in central government departments: code of good practice' and the increasing significance of risk management, the control environment and associated assurance needs, in the governance of central government departments and their arms length bodies. The revised Handbook also includes recent developments regarding internal audit and assurance frameworks and provides greater clarity in the role of the Audit and Risk Assurance Committee, in particular regarding risk assurance.
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