The core functions of the audit committee are to:
1) Be satisfied that the Council’s assurance statements, including the Annual Governance Statement, properly reflect the risk environment and any actions required to improve it, and demonstrate how governance supports the achievements of the authority’s objectives.
2) In relation to the Council’s internal audit functions:
a) oversee its independence, objectivity, performance and professionalism
b) support the effectiveness of the internal audit process
c) promote the effective use of internal audit within the assurance framework
3) Consider the effectiveness of the Council’s risk management arrangements and the control environment. Review the risk profile of the organisation and assurances that action is being taken on risk-related issues, including partnerships with other organisations.
4) Monitor the effectiveness of the control environment, including arrangements for ensuring value for money and for managing the Council’s exposure to the risks of fraud and corruption.
5) Consider the reports and recommendations of external audit and inspection agencies and their implications for governance, risk management or control.
6) Support effective relationships between external audit and internal audit, inspection agencies and other relevant bodies and encourage the active promotion of the value of the audit process.
7) Review the financial statements, external auditor’s opinion and reports to members, and monitor management action in response to the issues raised by external audit.
Wider functions of the Audit Committee:
1) Considering governance, risk or control matters at the request of other committees or statutory officers.
2) Working with local standards committees to support ethical values and reviewing the arrangements to achieve those values.
3) Reviewing and monitoring treasury management arrangements in accordance with the CIPFA Treasury Management Code of Practice.
4) Providing oversight of other public reports, such as the annual report.