The
purpose of an Audit Committee is to provide independent assurance
of the adequacy of the risk management framework and the associated
control environment, independent scrutiny of the authority’s
financial and non-financial performance to the extent that it
affects the authority’s exposure to risk and weakens the
control environment, and to oversee the financial reporting
process.
The terms of reference states that the Audit
Committee’s function is:
1.
To consider the audit annual report, plan and
opinion.
2. To consider
summaries of specific internal audit reports as
requested.
3. To consider reports dealing with the management
and performance of the providers of internal audit
services.
4. To consider a report from internal audit on
agreed recommendations not implemented within a reasonable
timescale.
5. To consider the external auditor’s annual
letter, relevant reports, and the report to those charged with
governance.
6. To consider specific reports as agreed with the
external auditor.
7. To comment on the scope and depth of external
audit work and to ensure it gives value for money.
8. To liaise with the
body responsible over the appointment of the Council’s
external auditors.
9. To commission work
from the internal and external audit, proportionate to risk
identified and with agreement from Chief Executive.
Regulatory
Framework.
10. To review any issue referred to it by the chief
executive or a director, or any Council body.
11.
To monitor the effective development and operation of risk
management and corporate governance in the Council.
12. To monitor Council policies on ‘Raising
Concerns at Work’ and the anti-fraud and anti-corruption
strategy and the Council’s complaints process.
13. To oversee the production
of the authority’s Annual Governance.
Statement and to recommend its
adoption.
Accounts
14. To review and approve the annual statement of
accounts. Specifically, to consider
whether appropriate accounting policies have been followed and
whether there are concerns arising from the financial statements or
from the audit that need to be brought to the attention of the
Council.
15. To consider the external auditor’s report
to those charged with governance on issues arising from the audit
of the accounts.
Annual Report
16. The Audit Committee
shall prepare a report to Full Council on annual basis on its
activity and effectiveness
