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
seven Members.
The Panel shall be chaired by the Chair of
the Overview (Audit) Panel.
Terms of Reference
(i)
To review the arrangements for internal control (both financial and
non-financial);
(ii)
Consider the Annual Audit Letter from The Council`s External
Auditors;
(iii)
Approve (but not direct) both external and internal audit’s
strategy, annual plans and monitor performance;
(iv)
Review summary internal audit reports and the main issues arising
and seek assurance that management action has been taken where
necessary;
(v)
Receive the annual report and Head of Internal Audit opinion on the
Council’s corporate governance, risk management and internal
control arrangements.
(vi)
Consider the reports of other regulators and inspectors;
(vii)
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;
(viii)
Be 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
(ix)
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.
(x)
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 Council.
(xi)
Receive and consider the external auditor’s report and
opinion on the financial statements.
(xii)
Monitor action taken in response to any matters raised in the
external auditor’s report.
(xiii)
Monitor action taken in response to any matters raised in the
Annual Governance Statement.
(xiv)
To approve the audited statement of accounts.