Audit and Assurance Committee

The Audit and Assurance Committee is authorised by MG ALBA to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee and all employees are directed to co-operate with any reasonable request made by the Committee. The Committee is also authorised by MG ALBA to make recommendations on remuneration matters for MG ALBA staff.

Establishment and Composition

  • Meet no less than twice per year plus at least once with the external auditors.
  • Meet at least once a year as a Remuneration Committee.
  • The Audit and Assurance Committee must have at least 3 MG ALBA members none of whom is the Chairman of MG ALBA or of any other MG ALBA Committee.
  • The Audit and Assurance Committee must have at least one member with a financial background or can co-opt an independent financial adviser.
  • A staff member shall be the Secretary of the Committee.

The remit of the Audit and Assurance Committee includes:

  • reviewing internal controls, accounting policies and external audit
  • ensuring that policies, procedures and systems are appropriate, compliant with legislative requirements and duly implemented
  • assessing risks and MG ALBA’s own effectiveness
  • reviewing the pension arrangements on at least a 3-yearly basis
  • commissioning an independent financial adviser to carry out internal audit as appropriate
  • considering and recommending to the Board the annual Operational Plan for the following year, including workforce and remuneration planning
  • overseeing policies relating to recruitment, early retirement or redundancy
  • reviewing the terms and conditions of employment

Reporting

The staff shall circulate the minutes of the Committee to all members of MG ALBA.

Members
Duncan MacInnes (Chairman)
Gordon MacLennan
Shona MacLennan