Audit Committee

Statement of Purpose

"The purpose of an 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 the authority's exposure to risk and weakens the control environment, and to oversee the financial reporting process;"

The Audit Committee has the following functions and responsibilities:

To advise on the adequacy and effectiveness of the Authority's internal control environment:

To monitor the adequacy and effectiveness of the External Audit service and respond to its findings and to:

discuss with the external auditor the nature and scope of the audit of the County Council services and functions, and consider the external audit fee and terms of engagement;

receive and consider external audit reports and Management Letters and advise the County Council as appropriate;
monitor the County Council's response to the external auditor's findings and the implementation of external audit recommendations

To work with and advise the Director of Finance in ensuring arrangements for the provision of an adequate and effective Internal Audit.

To monitor the adequacy and effectiveness of the Internal Audit service and Corporate Directors' responsibilities for ensuring an adequate control environment and to:

receive an annual internal audit plan from the Assistant Director, Audit and Risk Management Services;
monitor progress against the plan through the receipt of periodic progress reports and an annual Internal Audit report;
receive and consider major Internal Audit findings and recommendations;
monitor the response to major findings and the implementation of key recommendations.

To monitor the adequacy and effectiveness of the Authority's risk management processes and to:-

approve the Risk Management Policy Statement and monitor its implementation;
approve the content of the Corporate Risk Register and proposed Risk Mitigation Action Plan and monitor its implementation

Approve on behalf of the County Council, the Annual Statement of Accounts, and the Statement of Internal Control.

To liaise with the Audit Commission over the appointment of the Council's external auditor;

to review any issue referred to it by the Chief Executive or a Corporate Director, or any Council body.

Last Modified: 01/05/2008 07:54:30
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