Terms of Reference – Audit Committee
To have delegated powers to:
1.
Consider
whether appropriate accounting policies have been followed in the Council’s annual
statement of accounts and whether there are any concerns arising from the
financial statements or from the audit that need to be brought to the attention
of the Executive.
2.
Receive
reports on the Council’s treasury and investment management policies, practices and activities, including an annual strategy and
plan in advance of the year, a mid-year review and an annual report after its
close in the form prescribed in the Council’s treasury management practices and
the investment management practices.
3.
External
Audit Functions
(a) Advise on the appointment of the Council's external auditor.
(b) Discuss with the external auditor the nature and scope of audit
coverage, including value for money (VFM).
(c) Review external audit reports and annual audit letters, together
with the management response, and make recommendations to the Executive.
(d) Examine any other concerns of the external auditors.
4.
Internal
Audit Functions
(a) Monitor the progress and performance of internal audit.
(b) Review the internal audit annual plan.
(c) Consider significant findings of internal audit reviews and
investigations, together with management responses, and monitor implementation
of agreed recommendations
(d) Advise the Executive on the internal audit function, resourcing and
standing
within the Council.
(e) Ensure co-ordination between internal and external auditors.
(f) Consider the Audit Manager's annual report and comment annually on
the adequacy and effectiveness of internal audit control systems within the
Council.
5.
Risk
Management Functions and Business Continuity Functions
(a) Support and monitor the implementation and ongoing processes for
identifying and managing key risks for the Council.
(b) Ensure that effective and proper processes and procedures are in
place to ensure business continuity of the Council.
6.
Internal
Control Functions
(a) Review the Annual Governance Statement, a statutory document, which
explains the processes and procedures in place to enable the Council to carry
out its functions effectively.
(b) Monitor the Council's compliance with its own published standards
and controls and recommend any necessary changes to the Financial Procedure
Rules and the Contract Procedure Rules.
7.Corporate Governance
(a) Keep under review the Council's arrangements for corporate
governance and propose any necessary actions to ensure compliance with best
practice.
(b) Keep under review corporate policies such as the Whistleblowing
Policy and Anti-fraud Strategy.
(c) Ensure that effective systems are in place to underpin the Council’s
processes and ensure the highest standards in respect of audit and corporate
governance matters.
(d) Maintain an overview of complaints handling and Ombudsman
investigations.
(e) To exercise the Council’s functions in
relation to the control of pollution or the management of air quality pursuant
to the Pollution Prevention and Control Act 1999, Part IV of the Environment
Act 1995, Part I of the Environmental Protection Act 1990, and the Clean Air
Act 1993, including the determination of applications for variation of
authorisations under sections 1031 and 1132 of the Environmental Protection Act
1990, and permits under the Regulation 17 of the Pollution Prevention and
Control Regulations 2000, involving a substantial change.
7.
Reporting
To report to the Executive or to the Council, as appropriate, with
findings and recommendations.
Quorum: 3