Terms of
Reference
AUDIT AND GOVERNANCE COMMITTEE
(Delegated Powers)
Audit
The
Audit and Governance Committee shall comprise of 6 elected Members
of the Authority – including 2 Minority Party Members and,
ideally those Members who do not sit on the Performance and
Scrutiny Board. It will also include up to 3 independent members
and will exclude the Chair and Vice-Chair of the
Authority.
The Committee will meet six times per year including:
- May - to review the
internal control & governance issues prior to the drafting of
the Authority’s Annual Governance Statement. This is achieved via the Audit and Governance
Committee’s work programme through the receipt of Internal
Audit progress reports, Risk Management reports etc.
- July – to approve
the Authority’s Annual Governance Statement prior to it being
signed off by the Chair of the Authority & Statement of
Accounts prior to it signed off by the Chair of Audit and
Governance Committee.
- September – to
receive and consider the external Auditor’s Annual Governance
report.
- November / January – to consider and approve planned progress reports on
items related to the Committee’s functions.
Audit Activity
To consider the following internal audit reports:
- Annual plan and strategy and performance measures;
- Progress reports (actual against the plan) including summaries
of the results of individual audits, internal control issues
arising, and action plans implementation (including external audit
action plans);
- Annual report on internal audit activity and performance
achievements and the opinion on the Authority’s internal
control arrangements.
- To consider the
external auditor’s governance report and annual audit letter
and other significant reports.
- To commission work
from internal and external audit.
Regulatory Framework
-
To review and receive assurance on the effectiveness
of the Authority’s Constitution in respect of:-
- Contract standing orders and procedures;
- Financial regulations and procedures;
- Codes
of conduct and behaviour.
- To
monitor the effective development and operation of risk
management.
- To approve the Authority’s
anti-fraud and anti-corruption strategy and
“whistle-blowing” policy, and to monitor the
arrangements for those and the complaints process.
- To oversee the production of, and approve,
the Authority’s Annual Governance Statement.
- To consider the
Authority’s arrangements for corporate governance and
agreeing necessary actions to ensure compliance with best
practice.
Accounts
-
To approve the annual Statement of Accounts
focussing on:-
- The
suitability of, and any changes in, accounting
policies;
- Major
judgmental issues, e.g. provisions.
-
To receive and agree the response to the external
auditor’s report to those charged with governance on issues
arising from the audit of the accounts, focussing on significant
adjustments and material weaknesses in internal control reported by
the external auditor.
Treasury Management
- To
scrutinise and make recommendations to the Authority on the
Treasury Management Strategy and policies, and to monitor the
implementation of policies and practices.