AUDIT & RISK COMMITTEE (ARC)

The Audit & Risk Committee is the only standing committee of the Board. Its duties include monitoring the operation of internal controls, governance, audit, financial reporting, risk and compliance arrangements.

The Audit & Risk Committee is responsible for: 

  • Monitoring and reviewing the Authority’s financial obligations, including compliance with the related policies, standards and the pension fund’s Annual Report & Accounts
  • Overseeing and advising the LPFA Board on the future risk strategy and current risk exposures of the Authority 
  • Overseeing the effectiveness and stringency of the Authority’s risk management system 
  • Receiving assurance that the Authority has robust internal controls 
  • Overseeing and monitoring the Authority’s governance and compliance arrangements 
  • Appointing the internal and external auditors and monitoring and evaluating their ongoing effectiveness 
  • Receiving reports on the above matters and making recommendations to the Board as necessary. 

A copy of the latest Annual Audit Letter is published in our Library (under ‘Our performance’) and can be found here, along with the ARC Annual Report.

The Audit & Risk Committee’s terms of reference outline the composition, function and duties of the Committee. These include:

  • Review of financial reporting and monitor financial statements including recommendations to the Board on pension fund annual report and statement of accounts
  • Internal control systems, governance, compliance and regulatory standards
  • Internal and external audit
  • Advise the Board on the Authority’s overall risk appetite, tolerance and strategy
  • Oversee and advise the Board on the current risk exposures of the Authority and future risk strategy
  • Review the Authority’s capability to identify and manage new risks and types of risk.

The Audit & Risk Committee Terms of Reference can be found in the LPFA’s Constitutional Document, which is available in our Library (under ‘Our policies & procedures’).

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