The dispositive question for our review is whether absent a showing of fraud, misrepresentation, mutual mistake, or undue influence, the Full Commission may set aside a settlement agreement duly executed by the parties, properly submitted to the Industrial Commission for approval, and approved by the Chairman of the Commission in accordance with N.C. Gen. Stat. §§ 97-17 and 97-82. We find that it may not.
N.C. Gen. Stat. §§ 97-17 and 97-82 permit employers and employees to settle an employee’s workers’ compensation claim and authorizes the Commission to approve such settlements as long as certain requirements are met. N.C. Gen. Stat. § 97-82 provides as follows:
If after seven days after the date of the injury, or at any time in case of death, the employer and the injured employee or his dependents reach an agreement in regard to compensation under this Article, a memorandum of the agreement in the form prescribed by the Industrial Commission, accompanied by a full and complete medical report, shall be filed with and approved by the Commission; otherwise such agreement shall be voidable by the employee or his dependents.
If approved by the Commission, thereupon the memorandum shall for all purposes be enforceable by the court’s decree as hereinafter specified.
N.C. Gen. Stat. § 97-17 states that settlement agreements may be entered into so long as “the amount of compensation and the time and manner of payment are in accordance with the provisions of this Article.” If an agreement is properly executed then a “copy of such settlement agreement shall be filed by the employer with and approved by the Industrial Commission.” N.C. Gen. Stat. § 97-17.
*48In interpreting these provisions, the North Carolina Supreme Court has held that the Commission acts in a judicial capacity in approving a settlement agreement between parties, and the settlement agreement, once approved, becomes an award enforceable by court decree. Pruitt v. Publishing Co., 289 N.C. 254, 221 S.E.2d 355 (1976). The jurisdiction of the Commission to act in such capacity is invoked at the time the voluntary settlement agreement is properly submitted for approval. Tabron v. Farms, Inc., 269 N.C. 393, 152 S.E.2d 533 (1967). In this case, as soon as the settlement agreement had been duly executed by the parties and properly submitted by defense counsel, the Commissioner had the immediate authority to make an award.
Having established that the Commission had the authority to approve the settlement agreement, the question becomes upon what basis may the Commission make such an award. It is presumed that the Commission approves a settlement agreement only after a full investigation to determine whether the settlement is fair and just. However, the Commission may not look to records, files or evidence not presented to it for consideration and may not base its decision on information not contained in the record before it. Biddix v. Rex Mills, 237 N.C. 660, 75 S.E.2d 777 (1953). Therefore, where the Commission had not received defendant McDonald’s revocation of consent, failure to consider it would not be reversible error. The Commission fully reviewed the file and gave “due consideration to all matters” of record. It then determined that the “compromise settlement agreement is fair and equitable, probably in the best interest of all parties, and should be approved.” We find that, based upon the record before the Commission, its approval of the settlement agreement was proper.
Once the Commission does approve a settlement agreement, it is “as binding on the parties as an order, decision or award of the Commission unappealed from, or an award of the Commission affirmed upon appeal.” Pruitt, supra. This approved compensation agreement will remain binding on the parties unless or until set aside by the Commission. Id.
Where the Commission had authority to approve the agreement and such approval was supported by the record of evidence before it, the remaining question is under what circumstances may approval of the settlement agreement be overturned. N.C. Gen. Stat. § 97-17 provides in pertinent part as follows:
*49[N]o party to any agreement for compensation approved by the Industrial Commission shall thereafter be heard to deny the truth of the matters therein set forth, unless it shall be made to appear to the satisfaction of the Commission that there has been error due to fraud, misrepresentation, undue influence or mutual mistake, in which event the Industrial Commission may set aside such agreement.
Thus, where there is no finding that the agreement itself was obtained by fraud, misrepresentation, mutual mistake, or undue influence, the Full Commission may not set aside the agreement, once approved.
Here, the Full Commission found that the order approving the agreement should be set aside on the grounds that the Commission did not receive information regarding defense counsel’s request for revocation of consent to the settlement agreement. Defense counsel’s request for revocation of consent was based upon the fact that it had found new information tending to refute plaintiff’s contention that he was injured in the course of his employment. The above statute, however, does not provide an exception allowing the Full Commission to set aside an agreement merely because one party to the agreement acquired new information or evidence. In other words, defendant may not now deny the truth of the matters asserted in the agreement based upon the acquisition of new information. The issue of whether plaintiff had a compensable injury was decided by the parties when the agreement was executed. Mullinax v. Fieldcrest Cannon, Inc., 100 N.C. App. 248, 395 S.E.2d 160 (1990). Furthermore, defendant McDonald’s had extensive time, almost one year, in which to investigate plaintiff’s claim before it executed a settlement agreement.
Since the record did not disclose and the Full Commission did not find that the agreement was procured by fraud, misrepresentation, mutual mistake, or undue influence, as required by N.C. Gen. Stat. § 97-17, the Commission was without power to set aside the order approving the settlement agreement. The fact that defense counsel had attempted to revoke its consent to the agreement after it was submitted to the Commission is immaterial.
The decision of the Full Commission is hereby reversed and the matter is remanded to the Full Commission for reinstatement *50of the Compromise Settlement Agreement entered into by the parties and approved by the Commission.1
Reversed and remanded.
Judge COZORT concurs.
Judge LEWIS dissents.