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Agenda Item No

 

The Vale of Glamorgan Council

 

Audit Committee: 21st December 2011

 

Report of the Head of Accountancy and Resource Management

 

Audit Committee - Updated Forward Work Programme

 

Purpose of the Report

1.             To present to members the updated 2011/12 Forward Work Programme for the Audit Committee.

Recommendations

1.         THAT Members note the updated 2011/12 Forward Work Programme.

Reasons for the Recommendations

1.         To keep the Audit Committee informed.

Background

2.             The core functions of an effective Audit Committee are:-

To consider the effectiveness of the Council's risk management arrangements, the control environment and associated anti-fraud and corruption arrangements.

Seek assurance that action is being taken on risk related issues identified by auditors and inspectors

Be satisfied that the Council's assurance statements properly reflect the risk environment and any actions required to improve it;

Oversee the work of internal audit (including the annual plan and strategy) and monitor performance;

Review summary internal audit reports and the main issues arising, and seek assurance that action has been taken where necessary;

Receive the annual report of the Head of Accountancy & Resource Management as the Head of Audit;

Consider the reports of external audit and inspection agencies, where applicable;

Ensure that there are effective relationships  between external and internal audit, inspection agencies and other relevant bodies, and that the value of the audit process is actively promoted;

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.

3.             Effective audit committees help raise the profile of internal control, risk management and financial reporting issues within an organisation, as well as providing a forum for the discussion of issues raised by internal and external auditors.  They enhance public trust and confidence in the financial governance of an authority.

Relevant Issues and Options

4.             In order to assist the Audit Committee in ensuring that due consideration has been given by the Committee to all aspects of their core functions an updated forward work programme is attached at Appendix A.

Resource Implications (Financial and Employment and Climate Change if appropriate)

5.             None as a direct consequence of this report.

Legal Implications (to Include Human Rights Implications)

6.             Provision of an adequate and effective Internal Audit function is a legal requirement under the Accounts and Audit (Wales) Regulations 2005.

Crime and Disorder Implications

7.             Pursuing initiatives to prevent, detect and deter crime is encompassed within the terms of reference under which the audit function operates.

Equal Opportunities Implications (to include Welsh Language issues)

8.             None as a direct consequence of this report.

Corporate/Service Objectives

9.             The work of audit is intended to assist in the achievement of all corporate and service objectives.

Policy Framework and Budget

10.        The proposals in this report do not contravene the policy framework and budget.

Consultation (including Ward Member Consultation)

11.        No further consultation is proposed.

Relevant Scrutiny Committee

12.        Corporate Resources.

Background Papers

None

Contact Officer

Alan Jenkins - Head of Accountancy & Resource Management Tel: 01446 709254

Officers Consulted

External Audit Manager - Grant Thornton UK LLP

Responsible Officer:

Alan Jenkins - Head of Accountancy & Resource Management

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