AUDIT AND
RISK MANAGEMENT COMMITTEE
(1) To provide
independent assurance of the adequacy of the risk management
framework and the associated control environment, independent
scrutiny of the Council’s financial and non-financial
performance to the extent that it affects the Council’s
exposure to risk and weakens the control environment, and to
oversee the financial reporting process.
(2) To maintain an overview of the
contract procedure rules and financial regulations and to agree any
changes to the same;
(3) The Committee has the
following duties, powers and authorities:
(a)
approval of the Council’s statement of
accounts;
(b)
the responsibilities of the Council under section
151 of the Local Government Act 1972 to make proper provision for
its financial affairs;
(c)
to consider and make recommendations to Council or
Cabinet as appropriate on;
(d)
the annual Audit Report and the Management Letter of
the external auditor;
(e)
any other statutory report of the external
auditor;
(f)
any internal audit report that may be referred to
the committee by the Chief Executive, the Director of Finance or
the Head of Legal and Member Services (as Monitoring
Officer);
(g)
summaries of specific internal audit reports as
requested;
(h)
the effectiveness and adequacy of the response by
the Council, the Cabinet, any committee or sub-committee of the
Council or of any officer to any internal or external audit report
or management letter;
(i)
the systems of control and the arrangements for the
prevention of fraud and corruption within the Council;
(j)
any other matter relevant to the audit of the
Council’s accounts and financial records or its systems for
the control and safeguarding of all the Council’s
assets;
(k)
a report from Internal Audit on agreed
recommendations not implemented within a reasonable timescale;
and
(l)
the Head of Internal Audit’s annual report and
opinion, and a summary of internal audit activity (actual and
proposed) and the level of assurance it can give over the
Council’s corporate governance arrangements;
(m)to approve (but not direct) the
strategy, plan and performance of the Council’s internal
audit service;
(n)
to oversee the production of the Authority’s
statement or internal control and recommend its
adoption;
(o)
to monitor the Council’s policies on
“Raising Concerns at Work”, to the anti-fraud and
corruption strategy and the complaints procedure;
(p)
to liaise with the Audit Commission over the
appointment of the Council’s external auditors.
(q)
The Chair of the Audit and Risk Management Committee
shall act as the Council’s Risk Management
Champion.
(4)
Cabinet Members will not normally be members of the Audit and Risk
Management Committee
