The Audit Committee will have the following roles and functions:-
a) Receive and consider the annual report and opinion of the Internal Audit Manager;
b) Review a summary of internal audit activity including internal audit reports and main issues arising, seeking assurance that action has been taken where necessary;
c) Approve (but not direct) internal audit’s strategy and plan and monitor performance including the annual review of effectiveness of internal audit
d) To receive reports which provide assurance that action is being taken on risk-related issues and recommendations identified by auditors and inspectors;
e) To consider the reports of external audit and inspection agencies, including the external auditor’s annual letter, relevant reports, and the report to those charged with governance;
f) Ensure that there are effective relationships between external and internal audit, inspection agencies and other relevant bodies, and that the value of the audit process is actively promoted;
g) To comment on the scope and depth of external audit work, through plans and reports to ensure it gives value for money;
h) To liaise with the Audit Commission over the appointment of the Council’s external auditor;
i) To commission work from internal and external audit, as required, and as resources allow;
j) To meet privately with the Audit Manager and / or the External Auditor where required;
k) To have the right to call any officers or Members of the Council as required to offer explanation in the management of internal controls and risks.
a) To monitor the effectiveness of the Authority’s risk management arrangements, the control environment and associated anti-fraud and anti-corruption arrangements;
b) To maintain an overview of the Council’s constitution in respect of contract procedure rules, financial procedure rules;
c) To review any issue referred to it by the Chief Executive or a Director, or any Council body as the Chair considers appropriate within the general Terms of Reference of the Committee;
d) To oversee the production of the Authority’s assurance statements, including the Annual Governance Statement, ensuring it properly reflects the risk environment and any actions required to improve it and to recommend its adoption;
e) To consider the Council’s arrangements for corporate governance, including the Code of Corporate Governance and agreeing necessary actions to ensure compliance with best practice;
f) To consider the Council’s compliance with its own and other published standards and controls;
g) To report and make recommendations to Executive or Council on major issues and contraventions;
h) To have rights of access to other Committees of the Council and to strategic functions as it deems necessary.
i) The Audit Committee will receive on an annual basis a report of the treasury management strategy before approval by the Executive and full Council.
k) The Audit Committee is to be responsible for ensuring effective scrutiny of the treasury management strategy and policies.
a) The Audit Committee, as the Committee “Charged with Governance” should consider the external auditor's report to those charged with governance on issues arising from the audit of the accounts. (There are specific requirements linked to International Auditing Standards and those charged with governance).
b) To review the annual statement of accounts. The Committee should consider whether appropriate accounting policies have been followed and whether there are any concerns arising from the financial statements or from the audit that need to be brought to the attention of the Council.
c) The Committee will monitor management action in response to any issues raised by external audit.
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