Audit Committee Members

The Council of the University, during its 1st  meeting dated March 21, 2012, appointed the following members of the Council as members of the Audit Committee:

• Ino Hadjipavlou - President
• Panicos Leonidou - Member
• Christos Efthyvoulou - Member
• Themos Demetriou - Member
• Tony Antoniou - Member
• Marios Kasapis - Member

It is noted that Akis Kleanthous also attends the Audit Committee as Internal Auditor, for information sharing without voting rights.

Audit Committee Terms of Reference

The Audit Committee is responsible for making suggestions to the Council on improving internal systems and operating procedures of the University, the effective management of financial resources, the safeguarding of assets, risk management and assessment of governance procedures.

It directs the Council on policies and decisions which confirm the compliance of the Laws, Regulations, Rules and decisions of the Administrative Authorities, on accurate financial statements, the risk management and ethical behavior.

It is clarified that although not listed explicitly in the above Terms of Reference, the Audit Committee and after the oral assurances of the Council President at the 10th Meeting of the Council, dated December 19, 2012, retains its implementing powers.

Composition

The Audit Committee has five members unless the Council decides otherwise and it is composed of independent, external members of the Council of the University.

The Audit Committee reports to the University Council, which is being informed about its decisions and submits its suggestions and views on matters within its remit.

The President of the Audit Committee is appointed by the University Council.

The term of office of the Committee members lasts for as long as its members remain members of the Council.

Meetings

The Audit Committee meets in sessions at regular intervals to discuss the audit report of the Internal Auditor and other issues related to its objectives.

The meetings of the Audit Committee are also attended by the Internal Auditor for information sharing on the issues, however he has no voting right in decisions making.

The Audit Committee right to convene belongs to the Committee President, who establishes the agenda and chairs the meetings.

The Audit Committee has the discretion to invite to its meetings Advisors / Experts or other Officers of the University or Observers.

Under the responsibility of the Internal Audit Department, the Minutes of each meeting as well as a relevant File are kept.  

There is a Quorum at meetings of the Committee when apart from the President of the Audit Committee at least another three (3) from the Committee members are also present.

The decisions of the Audit Committee meetings are taken by simple majority. According to the Council decision on the 1st meeting (Issue No. 5) dated March 21, 2012, the Audit Committee decisions are directly enforceable provided that they have been taken unanimously, otherwise the matters are referred to the Council.

Responsibilities, Rights and Powers

The Audit Committee, as part of effective implementation of the purpose of its establishment, has the following powers, duties and powers:

In general:

1.   It has the discretion to give directions for the conduct of specific Research / Studies / Audits and reviews the findings of the reports.
2.   It decides on the necessity for Surveys, which may be submitted by the President of the Council and the Rector and determines the order of priority.
3.   It seeks and provides any information by a member of staff and / or external source.
4.   It receives documents and information from any member of the university community, to effectively carry out its duties.
5.   It ensures any external service by independent counselors (e.g., Accounting, Law et al), for the efficient performance of its functions.
6.   It meets with Management and the University Bodies for discussion of any relevant subjects or issues deemed necessary to be discussed confidentially with the Audit Committee.
7.   It periodically examines the appropriateness of the "Terms of Reference" and recommends changes.
8. It examines the audit reports submitted by the Internal Audit Department and ensures that the Administration and the University institutions respond appropriately to the issues arising.
9.   It makes periodic assessments and revisions of "Internal Control Standards", policies and internal systems and operating procedures of the University and provides suggestions on amendments to the University Council.
10. It evaluates the organizational structure of the Internal Audit Department to confirm the possibility of handling the Internal Audit Work Programme valid, timely and effectively.  
11.   It studies and considers reports submitted to the Council of the University, being related to its responsibilities.
12.   It maintains open communication with the Internal Auditor, the Auditor General and the University Council.
13.   It meets with the Auditor General or his representative or any external consultant it deems necessary.
14.   It carries out any other activities or actions that will assist in carrying out its Terms of Reference.

Internal Control Systems and Risk Assessment

1. In cooperation with the Administration, the University Bodies and the Internal Auditor, it examines the Auditor General reports.
2. It summarizes the significant risks, inspects the policies and procedures on their management and assesses the measures taken by the Administration and the University Bodies to control these risks.
3. It examines the Administration and the University Bodies and the Internal Auditor, as well as the significant accounting policies.
4. It examines, inspects and assesses the effectiveness of Internal Control Systems of the University, in cooperation with the Administration and the University bodies regarding :
   • The evaluation of the effectiveness of the University's internal control systems.
   • The adequacy of the University's internal control systems, including IT control and security systems.
   • Any comments and / or suggestions for improvement of the internal control systems by the Internal Auditor or the Auditor General.
   • Internal Audit Work Programme.
5. It approves one-year, two-year or three-year Internal Audit Work Programme.
6. It gets updated for emergencies and unplanned audit work, consulting and other work undertaken by the Internal Audit Department during the year.
7. It receives and approves annual revisions of the Internal Audit Work Programme, as drawn up during the year.
8. It get informed by the Internal Auditor, on any difficulties which arise when completing its work, including any obstacles to access or collect data or any other difficulties in fulfilling its mission.