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Audit Panel

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Information about Audit Panel

Role

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.

 

To undertake the functions of an Audit Committee in accordance with the CIPFA Statement on Audit Committees in Local Authorities.

 

The Panel shall comprise a membership of 8 Members and is subject to the rules of political balance.

 

The Panel shall be chaired by the Chair of the Overview (Audit) Panel.

 

Terms of Reference

  1. To overview the arrangements for internal control (both financial and non-financial).
  2. Consider the Annual Audit Letter from our External Auditors.
  3. Approve (but not direct) both external and internal audit's strategy, annual plans and monitor performance.
  4. Review summary internal audit reports and the main issues arising and seek assurance that management action has been taken where necessary.
  5. Receive the annual report and Head of Internal Audit opinion on the Council’s corporate governance, risk management and internal control arrangements.
  6. Consider the reports of other regulators and inspectors.
  7. Consider the effectiveness of the authority's risk management arrangements, the control environment and associated anti-fraud and anti-corruption arrangements.  Seek assurances that action is being taken on risk related issues identified by auditors and inspectors.
  8. Be satisfied that the authority's assurance statements, including the, properly reflect the risk environment and any actions required to improve it.
  9. To review existing and proposed arrangements, recommend changes and receive assurance that the systems of corporate governance are operating effectively and in accordance with best practice.
  10. Review and approval of the annual Statement of Accounts, including the Annual Governance Statement and related matters.  Approval of accounting policies and consideration of whether there are any concerns arising from the financial statements or external audit that need to be brought to the attention of the Council.
  11. Receive and consider the external auditor’s report and opinion on the financial statements.
  12. Monitor action taken in response to any matters raised in the external auditor’s report.
  13. Monitor action taken in response to any matters raised in the Annual Governance Statement.