The Audit Committee oversees the
Council’s Internal Audit arrangements and will:
·
Approve the Internal Audit Charter, the Annual Audit Plan, and the
performance standards for the Internal Audit Service
·
Review key findings and issues from internal audit reports and
ensure that management takes necessary actions
·
Assess and agree on improvements to prevent fraud and corruption in
the organisation
·
Consider the Chief Internal Auditor's annual report
·
Evaluate the Council’s activities and procedures to ensure
resources are used efficiently and effectively, providing good
value for money to taxpayers
·
Review the effectiveness of the Internal Audit system each year to
meet legal requirements and comply with Public Sector Internal
Audit Standards
The Committee will also monitor the
implementation of any suggested improvements when needed. It will
oversee the Council’s relationship with the External Auditor,
including reviewing the External Audit Plan, the external
auditor’s Audit Completion Report, and other relevant reports
from the External Auditor (except for Public Interest reports and
Statutory Recommendation reports made under Section 24 Schedule 7
of the Local Audit and Accountability Act 2014). The Committee will
also address any issues that come up during the audit of the Annual
Statement of Accounts.
The Committee will oversee independent reviews
by the Financial Reporting Council regarding Financial Procedure
Rules and Contract Procedure Rules and recommend any necessary
changes to these documents.
It will carry out various activities related
to corporate governance, such as approving the local code of
corporate governance, assessing how effective the Council's
governance arrangements are, reviewing the Annual Governance
Statement, and checking the Council's progress in addressing risks
identified during the preparation of financial statements.
The Committee will work with the Standards
Committee on any issues related to the Codes of Conduct for both
Members and Officers.
It will review how partnerships and projects
are governed within the Council, monitor compliance with data
protection laws, review the annual Treasury Management Strategy and
related policies, and make recommendations to the responsible
body.
It will review Treasury Management reports and
suggest any updates or changes to procedures as needed.
The Audit Committee will evaluate how
effective the Authority’s Risk Management arrangements are
and assess how well the Information Governance policies and
procedures are working receiving updates on important issues from
the Council’s Senior Information Risk Owner.