A finance committee established by a Service’s board has the following functions—
(a) advising the board about the matters stated in paragraphs (b) to (g) ;
(b) assessing the Service’s budgets and ensuring the budgets are—(i) consistent with the organisational objectives of the Service; and(ii) appropriate having regard to the Service’s funding;
(c) monitoring the Service’s cash flow, having regard to the revenue and expenditure of the Service;
(d) monitoring the financial and operating performance of the Service;
(e) monitoring the adequacy of the Service’s financial systems, having regard to its operational requirements and obligations under the Financial Accountability Act 2009 ;
(f) assessing financial risks or concerns that impact, or may impact, on the financial performance and reporting obligations of the Service, and how the Service is managing the risks or concerns;Examples of financial risks or concerns for paragraph (f)—• the accuracy of the valuation of fixed assets• the adequacy of financial reserves
(g) assessing the Service’s complex or unusual financial transactions;
(h) any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (g) .Examples of functions for paragraph (h)—performance and resource management functions