AUDIT & RISK COMMITTEE
The Audit & Risk Committee (ARC) is one of two standing committee of the Board. Its duties include monitoring the operation of internal controls, governance, audit, financial reporting, risk and compliance arrangements.
For information on our Annual Report or the performance of LPPA, our Administrators, please visit the Our Performance section.
RESPONSIBILITIES
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.
TERMS OF REFERENCE
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’).
MEETINGS AND AGENDAS
ARC meeting dates
2024 meetings
22 February 2024 | Agenda
Minutes will be available once approved on 20 June |
20 June 2024 | Agenda
Minutes |
19 September 2024 | Agenda
Minutes |
25 November 2024 | Agenda
Minutes |
2023 meetings
20 February 2023 | Agenda
Minutes |
13 June 2023 | Agenda
Minutes |
20 September 2023 | Agenda
Minutes |
23 November 2023
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Agenda
Minutes |