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.