The Assembly Commission Audit and Risk Assurance Committee acts in an advisory capacity and has no executive powers. Its Terms of Reference are here. They were agreed (under the Committee’s previous title of Corporate Governance Committee) by the National Assembly for Wales Commission on 20 June 2007. These are consistent with Treasury guidance and are reviewed by the Committee from time to time. The Terms of Reference for the Audit and Risk Assurance Committee say:
The role of the Committee is to provide advice, challenge and support to the Chief Executive and Clerk of the Assembly in respect of her Accounting Officer responsibilities, as well as providing assurance to the Commission. These responsibilities include a requirement to ensure that public money is spent in a regular and proper manner and that value for money is secured in the use of resources. The Accounting Officer is also required to ensure that sound corporate governance arrangements are in place and that effective internal controls are operating to ensure that risks are properly identified and managed.
In fulfilling its role, the Audit and Risk Assurance Committee examines and provides assurance on:
· the annual report and accounts;
· the planned activity and results of internal and external audit;
· the adequacy of the management response to issues identified by internal and external audit;
· the Commission’s corporate governance and risk management arrangements including the Governance Statement; and
· counter-fraud policies, whistle-blowing processes, and arrangements for special investigations.
· Annual Reports
· Forward Work Programme
· Internal Audit Plan