Purpose of committee
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.
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.
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.
16. The Audit Committee shall prepare a report to Full Council on annual basis on its activity and effectiveness
- Councillor Lord Palmer OBE, BA, FCA (Chairman)
- Councillor Mark Shooter (Vice-Chairman)
- Councillor Alex Brodkin
- Councillor Geof Cooke
- Councillor Sury Khatri BSc (Hons) MSc (Lond)
- Councillor Graham Old
- Councillor Hugh Rayner
- Richard Harbord (Co-Optee)
- Debra Lewis (Co-Optee)
- Councillor Jack Cohen (Substitute)
- Councillor Andreas Ioannidis (Substitute)
- Councillor Arjun Mittra (Substitute)
- Councillor Susette Palmer MA (Substitute)
- Councillor Stephen Sowerby MA (Substitute)
- Councillor Andreas Tambourides (Substitute)
Support officer: Chidilim Agada 020 8359 2037 Email: firstname.lastname@example.org.