AUDIT & RISK COMMITTEE 

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. 

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’).

ARC meeting dates  

2024 meetings

2023 meetings