Role
To provide
assurance of the adequacy of risk management structures; scrutiny of the
Council’s financial and non-financial performance (to the extent that it
affects exposure to risk) and to oversee financial reporting processes –
including approval of the Council’s accounts.
Composition
The Audit
Committee will comprise those members who, from time to time, comprise the
Scrutiny Committee. The chair and vice
chair of the Scrutiny Committee will fulfil these roles in relation to the
Audit Committee. Quorum will be 4
members.
Terms of Reference
·
Annually,
approve the internal audit strategy, plan and performance.
·
Review
summary internal audit reports and the main issues arising, and seek assurance
that action has been taken where necessary.
·
Consider
the reports of external audit and inspection agencies.
·
Consider
the effectiveness of the authority’s risk management arrangements, the control
environment and associated anti fraud and anti corruption arrangements. Seek assurances that action is being taken
on risk related issues identified by auditors and inspectors.
·
Be
satisfied that the authority’s assurance statements, including the Statement on
Internal Control, properly reflect environment and any actions required to
improve it.
·
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.
·
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.
·
Approve
the Council’s accounts.
Entitlement
·
Senior
Officer input sufficient to enable at least 4 meetings per year – including
attendance by statutory officers
·
Access
to the External Auditor, at least annually.
·
Access
to other member bodies, including the Cabinet.
·
The
ability to commission and submit reports to the Cabinet and/or Full Council.