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Audit Committee

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Terms of Reference

 

The Audit Committee provides independent assurance of the adequacy of the risk management framework and the internal control environment, independent review of the Council’s governance, risk management and control frameworks and oversees the financial reporting, treasury management and annual governance processes including:

 

  • Being satisfied that the authority’s assurance statements, including the Annual Governance Statement, properly reflect the risk environment and any actions required to improve it, and demonstrate how governance supports the achievements of the authority’s objectives.

 

In relation to the authority’s internal audit functions:

 

  • Overseeing its independence, objectivity, performance and professionalism whilst supporting the effectiveness of the internal audit process.

 

  • Promoting the effective use of internal audit within the assurance framework.

 

·  Considering the effectiveness of the authority’s risk management arrangements and the control environment. Review the risk profile of the organisation and assurances that action is being taken on risk-related issues, including partnerships with other organisations.

 

·  Monitoring the effectiveness of the control environment, including arrangements for ensuring value for money and for managing the authority’s exposure to the risks of fraud and corruption.

 

  • Supporting effective relationships between external audit and internal audit, inspection agencies and other relevant bodies, and encourage the active promotion of the value of the audit process.

 

  • Reviewing the financial statements, external auditor’s opinion and reports to members, and monitor management action in response to the issues raised by external audit.

 

·  Receiving updates on the work of internal audit including key findings, issues of concern, and action in hand as a result of internal audit work.

·  Receiving reports on instances where the internal audit function does not conform to the PSIAS and considering whether the non-conformance is sufficiently significant that it must be included in the AGS.

 

·  Receiving regular reports on the results of the Quality Assurance and Improvement Programme.

 

  • Oversight of the authority’s strategy regarding counter fraud

 

  • Approving the Assurance, Risk and Audit Strategic and Annual Plans;

 

  • Reviewing the progress report from the Assurance, Risk and Audit Manager;

 

  • Reviewing the progress report from external audit summarising work done and emerging findings;

 

  • Reviewing the  Assurance, Risk and Audit Manager’s Annual Opinion and Report

 

  • Advising on the adequacy of management response to issues identified by audit activity, including external audit’s management letter;

 

  • Quality assuring reports from internal audit reviews;

 

  • Examining and approving the Statement of Accounts;

 

  • Agreeing documentation and policies with regard to the Treasury management function and recommending them to Council for approval.

 



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Allerdale Borough Council
Allerdale House, Workington, Cumbria,
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