Responsibilities
The Audit Committee will advise
the Executive on:
·
the strategic processes for risk, control and
governance and the Statement on Internal Control;
·
the accounting policies and the annual accounts of
the organisation, including the process for review of the accounts
prior to submission for audit, levels of error identified, and
management’s letter of representation to the external
auditors;
·
the planned activity and results of both internal
and external audit;
·
the adequacy of management responses to issues
identified by audit activity, including the external
auditor’s annual letter
·
the Chief Internal Auditor’s annual assurance
report and the annual report of the External Auditors.
·
assurances relating to the corporate governance
requirements for the organisation;
·
(where appropriate) proposals for tendering for
either Internal or External Audit services or for purchase of
non-audit services from contractors who provide audit
services.
The Committee’s
responsibilities in relation to the annual accounts will
include:
·
to approve the Council’s Statement of
Accounts, in accordance with the deadlines set out in the Accounts
and Audit Regulations 2015;
·
acting as the Approval of Accounts Committee;
·
to consider any report as necessary from the
External Auditor under ISA (UK) 200 (Revised June 2016);
·
to re-approve the Council’s Statement of
Accounts following any amendments arising from the external audit,
in accordance with the deadlines set out in the Accounts &
Audit Regulations 2015.
The Committee’s
responsibilities in relation to risk management will encompass the
oversight of all risk analysis and risk assessment, risk response,
and risk monitoring. This includes:
·
the establishment of risk management across the
organisation, including partnerships;
·
awareness of the Council’s risk appetite and
tolerance;
·
reviewing the risk portfolio (including IT
risks);
·
being appraised of the most significant risks;
·
determining whether management’s response to
risk and changes in risk are appropriate.
The Council has nominated the
Committee to be responsible for the effective scrutiny of the
Treasury Management Strategy and policies.
The Council has nominated the
Committee to be responsible for the effective scrutiny of
anti-fraud arrangements and activities.