Summary of objectives
The Audit panel will report to Council on an annual basis and to the Public Accounts Select Committee and the Mayor and Cabinet on a half yearly basis.
The panel will exercise the following functions:
- Review, comment and approve (but not direct) Internal Audit’s strategy, plans and resources.
- Receive Internal Audit progress reports on a quarterly basis summarising the audit reports issued and performance of the Internal Audit function.
- Receive the annual report of the Council’s Head of Internal Audit and inspection agencies.
- Consider reports from Internal Audit on the implementation of agreed recommendations where management have failed to undertake the necessary actions within the planned audit time frame
- To consider the external auditor’s Annual Plan, relevant reports, and reports to those charged with governance.
- Consider external inspection reports and specific reports as agreed with the external auditor
- Consider and monitor the effectiveness of the Council’s risk management arrangements, the control environment and associated anti-fraud and anti-corruption arrangements.
- Maintain an overview of the Council’s Constitution in respect of audit procedure rules, contract procedure rules, and financial regulations.
- To review the Council’s assurance arrangements including the Statement of Internal Control.
- To approve the Council’s annual Statement of Accounts, to consider whether appropriate accounting policies have been followed 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.
- To Review the external auditors’ opinion and reports to members, and monitor management action in response to issues raised by external audit.
Frequency and location of meeting
Meetings are normally held quarterly in March, June, September and December each year and normally take place in the Town Hall Catford SE6 4RU.
Current committee members
Councillors Bennett, Hall, Ibitson, Peake, Michel and Till.
Independent members
Richard King, David Tucker and David Webb.