Member of Finance, Audit and Risk Committee
Background and Overall Purpose
The Finance, Audit and Risk Committee advises the Board on the financial and control aspects of its responsibilities. The Finance, Audit and Risk Committee is charged with monitoring and reporting to the Board on the existence and effectiveness of the financial and operating systems and controls.
The Board will look to the Finance, Audit and Risk Committee for guidance in matters relating to immediate and longer term financial and regulatory issues.
The main responsibility of members of the Finance, Audit and Risk Committee is to monitor, appraise and report on the key financial policies and processes within YMCA England & Wales.
These processes include:
- The review of budgets, management accounts and annual financial statements
- Monitoring the systems for ensuring proper books and records are kept, and financial resources are spent and invested in line with YMCA England & Wales’ objects and policies, good governance and, legal and regulatory requirements.
- The development of financial, reserves and investment policies.
- The preparation and audit of the Annual Report and Accounts.
- Reviewing risk management strategies and processes developed by management. Monitoring the implementation of risk management processes and work plans.
- Receiving and reviewing reports from internal and external auditors, including the annual auditor’s management letter.
This is a voluntary role which would suit people seeking to broaden their horizons into voluntary sector financial governance. Applications from younger people are particularly encouraged.