The Audit and Governance Committee has the following
functions:
(a) assist the Council
and the Executive in the
development of the annual
Budget;
(b)
approving the Council’s statement of
accounts;
(c)
consider the effectiveness of the council’s
risk management arrangements, the control environment and
associated anti-fraud and anti-corruption arrangements;
(d)
seek assurances that action is being taken on
risk-related issues identified by auditors and
inspectors;
(e)
be satisfied that the council’s assurance
statements, including reviewing the Annual Governance Statement
against the good governance framework, properly reflect the risk
environment and any actions required to improve it;
(f)
approve internal audit’s strategy, its plan
and monitor its performance;
(g)
approve the shared anti-fraud service strategy, its
plan and monitor its performance;
(h)
review summary internal audit reports and the main
issues arising and seek assurance that action has been taken where
necessary;
(i)
consider the annual report of the head of internal
audit;
(j)
consider the reports of external audit (including
the annual audit letter) and inspection agencies, and monitor
management action in response to the issues raised;
(k)
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
promote;
(l)
review
the financial statements, external auditor’s opinion and
reports to Members, and monitor management action in response to
the issues raised by external audit; and
(m)
have
oversight of the council’s commercial projects
Audit function
As an integral part of its role as the
council’s audit
committee, undertake the following areas:
(a)
consider
budget monitoring reports and risk management reports;
(b)
lead the
cross Member scrutiny and consideration of the council’s
draft annual budget and medium term finance strategy;
(c)
scrutinise the council’s Annual Investment
Strategy, Annual Capital Strategy, Mid-Year Treasury Management
Report and Annual Treasury Management Report and through review
gain assurance that systems of governance and control for Treasury
Management are effective;
(d)
where
appropriate, assisting the Council and the Executive in the
development of its budget and policy framework by in-depth analysis
of financial, procurement and governance related policy
issues;
(e)
review anti-fraud and corruption controls and
arrangements, including the whistleblowing process
Audit and Governance meetings are webcast here.