Audit Committee
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The purpose of the Audit Committee is to provide independent assurance of the adequacy of the risk management framework.
Statement of Purpose
The purpose of the Audit Committee is 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 Fylde Borough Council’s exposure to risk and weakens the control environment, and to oversee the financial reporting process.
1. Audit Activity
a) To consider 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.
b) To approve (but not direct) internal audit's strategy, plan and performance.
c) To consider summaries of specific internal audit reports as requested.
d) To consider reports dealing with the management and performance of Internal Audit.
e) To consider a report from the Head of Internal Audit on agreed recommendations not implemented within a reasonable timescale.
f) To consider the Audit Commission’s annual letter, the report to those charged with governance and other relevant reports.
g) To consider specific reports as agreed with the Audit Commission.
h) To comment on the scope and depth of external audit work and to ensure it gives value for money.
i) To liaise with the Audit Commission over the appointment of the council’s external auditor.
j) To commission work from internal and external audit.
k) To ensure that there are effective relationships between external and internal audit, inspection agencies and relevant bodies, and that the value of the audit process is actively promoted
2. Regulatory framework
Fylde Council Town Hall
l) To maintain an overview of the council’s constitution in particular the Contract Procedure Rules, Financial Regulations and Codes of Conduct.
m) To advise the Council on changes to the Constitution.
n) To review any issue referred to it by the Chief Executive or a Director, or any council body.
o) To monitor the effective development and operation of risk management and corporate governance within the Council.
p) To ensure that the authority's assurance statements, including the Annual Governance Statement, properly reflect the risk environment and any actions required to improve it
q) To monitor council policies on Whistleblowing and the Anti-Fraud and Corruption Policy and Strategy and the council’s complaint process.
r) To oversee the council’s arrangements for corporate governance and agreeing necessary action to ensure compliance with best practice.
s) To consider the council’s compliance with its own and other published standards and controls.
3. Accounts
t) To review and approve the Annual Statement of Accounts. Specifically, to consider whether appropriate accounting policies have been followed and whether there are concerns arising from the financial statements or from the audit that need to be brought to the attention of the Council.
u) To consider the Audit Commission’s report to those charged with governance on issues arising from the audit of accounts.
Procedures
- The Audit Committee will
- meet a minimum of four times per year, (timetable to be agreed),
- receive reports from the Head of Internal Audit who may report directly to the Chairman of the Committee if deemed necessary,
- meet the external auditor and Head of Internal Audit in private if deemed necessary, and
- have the authority to require the attendance of any elected Member or Officer of the Authority.
