The Role and Effectiveness of Audit Committees in UK Higher Education Institutions

Such evaluations of the effectiveness and performance of the committee should be disclosed publicly as a matter of good governance and best practice. Recommendation 8: The governance-related activities (inclusive of the audit committee's activities in relation to controls, risk and value for money) to be publicly disclosed as part of the annual report using private- or public-sector disclosure guidance as a baseline. HEIs' commitment to public accountability and transparency to be enhanced through increased disclosures relating to public accountability and transparency, such as teaching services, research services, community engagement and financial information in the annual report. Recommendation 9: The CUC, in collaboration with governance-related institutions (such as the Leadership Foundation), to start a consultation on the remuneration of governing board members in a bid to attract more specialist members, such as those required within the audit committee, and to ensure greater accountability and input in terms of their contribution and effectiveness. Recommendation 10: The CUC, in collaboration with governance-related institutions (such as the Leadership Foundation) and auditing firms, to commission an in-depth study of risk management methodologies and practices as implemented in the higher education sector, with a view to updating the existing literature and knowledge of practice (Summers and Boothroyd, 2009) and identify clearer instances of best practice