Governance Manual

APPENDIX C. ToR - The Master’s Audit Committee

Terms of Reference




The Masters Audit Committee (MAC) has been established by the Master is to provide advice to the Master as requested on of the finances, financial control and financial liabilities of the Faculty Office.

All of the operations of the Faculty Office are included. Oversight is not limited to notary activities.



The MAC will consist of a minimum of 3 and a maximum of 4 members of which 3 will be lay (meaning not a notary) all of whom will be independent of the Faculty Office. The first members will include if they are willing the chairs of the Advisory and Qualification Boards.

The Chair of the Advisory Board will also chair the MAC to provide continuity if he or she is willing.

At least one member of the MAC will be an accountant with relevant experience in audit and accountancy.

The members of the MAC will be appointed by the Master in consultation with the Chair of the MAC and the Registrar of the Faculty Office. Members will be appointed for a first term of 3 years and the appointment may be renewed (for a total period not exceeding 8 years).

Members of the MAC may be asked to attend meetings of the Senior Officers or Quarterly Master’s Councils from time to time.



As requested by the Master the MAC could be asked to advise on:

Development of the annual budget including advice to the Master on

  • the accommodation arrangements
  • employment arrangements
  • the division of the total budget of the Faculty Office between the notary and the marriage licence functions
  • Consultations on fees and other financial matters
  • Submission of the application for the Legal Services Board for approval of the annual practice fee for notaries
  • Strategic and long-term financial planning including the financing of capital projects and provision for reserves
  • Review of and recommendation to the Master for approval of the annual financial statements and their publication
  • Any concerns of alleged fraud or irregularity in the Faculty Office’s financial and other control systems and the steps necessary to correct or otherwise address them
  • The adequacy and effectiveness of the Faculty Office’s systems of internal control and risk management and the Faculty Office’s Risk Register. Review of AML processes and procedures including the Faculty Office’s Risk and Assurance policy.
  • The Faculty Office’s whistleblowing statements
  • Statutory liabilities
  • Any other matter affecting the finances or financial liabilities of the Faculty Office (at the request of Master or Registrar or on their own initiative.

The MAC will provide an annual report to the Master which, once reviewed by the Master, will be published.


Meeting Arrangements

The MAC will meet at least twice a year and more frequently, if necessary.

The Chair will call the meetings of the MAC. If for any reason the Chair of the MAC refuses or is unable to call a meeting (when due) two other members of the MAC may call a meeting.

Two members of the MAC represent a quorum.

The Registrar will attend the meetings of the MAC unless requested not to be present for all or part of a meeting. Other members of the Faculty Office will attend at the request of the Registrar.

The accountant to the Faculty Office will also attend the meetings of the Faculty Office and will:

  • Prepare and submit in a timely manner financial information and other paperwork to enable the MAC to undertake its responsibilities and also provide oral reports at the meetings
  • Minute the meetings of the meetings of the MAC
  • The agenda, supporting papers and minutes of the MAC meetings will be circulated at least 5 working days in advance of any meeting of the MAC



The MAC will undertake an annual review of these terms of reference and recommend to the Master for approval any changes considered necessary by the MAC



Induction arrangements will include training and guidance on:

  • the Nolan Principles as they apply to an audit committee (with wider governance responsibilities) the regulatory and statutory responsibilities of the Faculty Office
  • the current finances and budgeting arrangements of the Faculty Office