1. Members of the Audit Committee

The University Council appointed the following members of the Council as members of the Audit Committee:

Rea Georgiou – President

Andreas A. Andreou – Member – Deputy President

Anna Tsiakki Manti – Member

Eleni Loizou – Member

Anastasia Papadopoulou – Member

 

It is noted that Vakis Andreou (Internal Auditor) participates in the Audit Committee as its Secretary.

 

2. Audit Committee Mandate Terms

[A] Purpose

The Audit Committee is an advisory Body of the Council of the University of Cyprus. It submits its recommendations to the Council, for decision-making aimed at improving the internal systems and operating procedures of the University, the effective and efficient management of its financial resources, the safeguarding of its Assets, the management of risks and the evaluation of procedures governance.

The duties of the Audit Committee do not replace, nor repeat, any administrative responsibilities or missions. The Audit Committee, within the framework of its advisory role, guides the Council in policies and decisions that confirm compliance with Laws, Regulations, Rules, Circulars, the proper management of its financial resources, accurate Financial Statements, sound risk management and moral behavior.

[B] Recommendation

  • The Audit Committee has five members and is made up of members of the University Council, who do not have executive powers at the University.
  • The President and Deputy President of the Committee are appointed by the University Council.
  • The term of office of the members of the Commission lasts as long as the term of office of the President of the Council. Provided that the Council reserves the right to replace any member at any time.

[C] Meetings

  • The Audit Committee meets at regular intervals to discuss the conclusions and recommendations of the Internal Auditor’s Audit Reports, as well as other issues related to its objectives.
  • The Internal Auditor attends the sessions of the Audit Committee, as Secretary of the Committee, without the right to vote.
  • The Chairman of the Committee, who prepares the Agenda and presides over the meetings, or the Deputy Chairman, in the absence of the Chairman, has the right to convene the Audit Committee.
  • The Audit Committee has the discretion to invite to its sessions Consultants / Experts or other University Officers or Observers.
  • The President of the University Council has the right to attend the meetings of the Committee (without the right to vote) whenever he deems it appropriate.
  • Minutes of meetings are kept under the responsibility of the President of the Committee, as well as a relevant Archive.
  • A quorum shall be as many present members of the Committee as the next largest whole number of half of the members of the Committee, provided that this includes the Chairman or the Deputy Chairman of the Committee.
  • Decisions at Audit Committee sessions are taken unanimously.

[D] Powers, Rights and Powers

The Audit Committee, in the context of the effective implementation of the purpose of its establishment, has the following responsibilities, rights and powers:

(a) General:

  • Meets with the University Administration, to discuss any issues of the Committee or issues that the Administration considers should be discussed with the Audit Committee.
  • It has the discretion to give instructions for the conduct of Special Investigations / Studies / Audits and to review the findings of the relevant reports.
  • Examines the findings of the Special Investigations, which are carried out following the instructions of the President of the Council or the Rector and/or ex officio by the Internal Auditor.
  • Seeks and receives documents and information from any member of the University Community and/or from an external source, for the effective fulfillment of its duties.
  • Ensures any external service from independent Consultants (e.g. Accountants, Lawyers, Quantity Surveyors, etc.), for the effective performance of its duties.
  • It periodically reviews the appropriateness of its “Order Terms” and recommends changes.
  • It studies the audit reports submitted by the Internal Auditor and is assured that the University Administration responds appropriately to the decisions taken on the issues that arise.
  • Approves and/or revises the “Internal Audit Charter”.
  • Recommends to the University Council amendments to the University’s policies and internal systems and operating procedures, with the aim of improving or eliminating any weaknesses or problems.
  • It evaluates the Organizational Structure of the Internal Audit Department, to confirm the possibility of validly, timely and efficiently processing the Internal Audit Work Program and makes suggestions for the necessary changes/modifications in the Organizational Structure.
  • It studies and examines reports/reports submitted to the Council of the University of Cyprus and related to its responsibilities.
  • It informs, on a continuous basis, the Council of the University about its main activities and makes relevant proposals that provide added value to the Organization.
  • Maintains open communication with the Internal Auditor, the Auditor General and the University Council.
  • It meets with the Auditor General of the Republic or his Representative or with any External Advisor he deems necessary for the best, most effective and efficient execution of his responsibilities.
  • It reports to the University Council, to which it submits its suggestions and opinions on matters that fall under its competence.
  • It undertakes any other activities or actions that will assist it in fulfilling its Terms of Reference.

(b) In particular:

(i) Internal Control Systems and Risk Assessment

  • In collaboration with the University Administration and the Internal Auditor, it studies the reports of the Auditor General and makes the appropriate recommendations to the Council.
  • It summarizes the significant risks, reviews the policies and procedures for their management and evaluates the measures taken by the University Administration to control these risks.
  • It examines together with the University Administration and the Internal Auditor, the important Accounting Principles applied by the University for the preparation of its Financial Statements.
  • Examines, in collaboration with the Administration, the effectiveness of the University’s Internal Control Systems, in relation to its financial, administrative and management function and in relation to:
  • The efficiency of the University’s internal control systems.
  • The adequacy of the University’s internal control systems, including IT control systems and security systems.
  • Observations and/or suggestions for improvement of the internal control systems by the Internal Auditor, the Auditor General and/or other competent officials of the University.

(ii) Internal Audit Work Program

  • Approves the one-year, two-year and/or three-year Internal Audit Work Program.
  • It is informed about the extraordinary and unplanned audit work, as well as the consulting and other work undertaken by the Internal Audit Department, during the year.
  • Receives and approves the annual revisions of the Internal Audit Work Program, as they are formed during the year.
  • He is informed by the Internal Auditor and makes the appropriate recommendations to the Council, for any difficulties arising during the execution of his tasks, including, any obstacles to his access, to the collection of data or any other difficulties in the fulfillment of his mission.