The Audit Committee has the following responsibilities:-
· Consider, approve, review and monitor the internal audit strategy, strategic and operational plans.
· Consider specific internal audit reports (summary / full reports) as requested.
· Monitor the actions taken in response to internal audit recommendations.
· Consider reports dealing with the management and performance of the internal audit service.
· Receive the annual report from the Internal Audit and Risk Manager setting out internal audit activity during the year and an opinion on the level of assurance as to the Council’s corporate governance, risk management and internal control arrangements.
· Comment on the planned external audit activity and coverage, including the proposed fees, to ensure it gives value for money.
· Consider specific reports from the external auditor and other inspection agencies.
· Monitor the actions taken in response to external audit recommendations.
· Consider the external auditor’s annual letter, relevant reports and the ‘report to those charged with governance’.
· To oversee the process by which the Council’s External Auditor is appointed.
· Monitor the relationship and co-operation between the internal and external audit functions and other relevant bodies.
· Commission work from internal and external audit if considered necessary.
· The Audit & Accounts Committee can, on occasion, require the manager of a service which has been the subject of internal audit review, to account to internal audit recommendations.
· Consider the effectiveness of the Council’s risk management arrangements, the control environment, and associated anti-fraud and anti-corruption arrangements.
· Seek assurance that action is being taken on risk related issues, and if required can ask an appropriate person to attend a meeting to give evidence.
· Be satisfied that the Council’s assurance statements properly reflect the Authority’s risk environment and the actions needed to improve it.
· Monitor the effective development and operation of risk management strategies and policies, reviewing the corporate risk register and associated arrangements and action plans.
· Where appropriate, to refer matters of concern to the relevant Scrutiny Select Committee and receive reports back.
· Evaluate the adequacy of the application of the local code of corporate governance, including updates on improvement actions, levels of training and awareness and compliance with codes of conduct.
· To oversee the production of the Council’s Code of Corporate Governance and Annual Governance Statement and to recommend their adoption when satisfied.
· Review the adequacy of the anti-fraud and corruption policies and strategies, and the effectiveness of the relevant processes and their application, including the arrangements for dealing with suspected or actual wrongdoing.
· To maintain an overview of the Council’s Constitution in respect of contract procedure rules and financial regulations.
· Review any relevant issue referred by the Chief Executive, Corporate Directors, the Executive, Scrutiny Committees or any other council body.
· Review and approval of the annual statement of accounts and related matters, considering 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 Council.
· Receive and consider the external auditor’s report and statement.
· Monitor the action taken in response to the issues raised in the auditor’s report.
The Committee is composed of 6 Councillors appointed by the Annual Council Meeting.
Support officer: Democratic Services. 0161 474 3216
Phone: 0161 474 3216
Fax: 0161 474 3240
Web site: http://www.stockport.gov.uk/democracy