Audit Committee Code of Practice

On 13 June 2020 the Committee of University Chairs (CUC) published its revised Audit Committee Code of Practice (‘the Code’).  The revised Code “identifies the key principles and elements that form an effective Audit Committee”, stating that a strong Audit Committee “requires competent and capable auditors”. In adopting the Code “Audit Committees [will] demonstrate leadership and stewardship.. protect institutional reputation and provide a level of assurance to key stakeholders…”. The Code is premised on an ‘apply or explain’ basis and has been written for providers that have both an Audit Committee and an internal audit function. The Code provides a mapping exercise to confirm compliance or identify appropriate amendments to comply. and consider changes that could assist in stronger governance going forward.

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