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.