The Audit Committee is a formally constituted committee of the Board. The primary function of the committee is to assess the adequacy and effectiveness of UCLH’s systems of integrated governance, the internal control environment and risk management.

The committee focuses mostly on the framework of risks, controls and other related assurances that support the achievement of UCLH’s objectives as well as the integrity of the annual financial statements. It also monitors the performance and independence of the external auditors and the effectiveness of the internal audit and the local counter fraud function and reviews the arrangements by which staff may raise concerns, in confidence, relating to issues such as patient safety, patient experience, the use of resources including money, or how staff work together (the Whistleblowing/ Raising Concerns Policy).

The committee prepares an annual report for the Board and the Council of Governors.

The membership comprises three non-executive directors (including the Audit Committee chair), at least one of whom has significant financial expertise. The quorum is two non-executive directors. 

The internal and external auditors, and the finance director, deputy chief executive and the Board secretary regularly attend. Other executive directors and senior managers of the Trust attend as required.

The local counter-fraud specialist attends four times a year and the Director of Planning and Performance attends at least annually.

The Committee normally meets seven times a year.