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