Audit Committee

Meetings

The dates, times and venues of meetings can be found in the decision making section.

Agendas, minutes and reports

Agendas, minutes and reports from Audit Committee meetings are available in the decision making section.

Membership

Membership and political balance of the Audit Committee can be found in the decision making section.

Further information

Democratic Support Officer

Liz Kiely

Phone: (01902) 555045
E-mail: liz.kiely@wolverhampton.gov.uk

Role

The purpose of the Audit Committee is to provide independent assurance of the adequacy of the risk management framework and the associated control environment, independent scrutiny of the authority’s financial and non-financial performance to the extent that it affects the authority’s exposure to risk and weakens the control environment, and to oversee the financial reporting process.

The Committee has the following responsibilities:-

Oversee the Council’s corporate governance arrangements, the work of the Council’s internal auditors and the Council’s response to external audit and other external inspections that relate to the Committee’s work.

Review the operation and compliance with the Authority’s Code of Corporate Governance, and annually will report to Council on the operation of the Code of Corporate Governance and make recommendations on the content of the Code of Corporate Governance.

Review and approve the Statement on Internal Control as required by the Accounts and Audit Regulations 2003. In doing so, the Committee will satisfy itself that it has obtained sufficient relevant and reliable evidence to support the disclosures made, in particular by:-

Receiving reports on the monitoring and progress of action plans relating to corporate governance arrangements.

The receipt of a review at least once a year of the effectiveness of the system of internal controls.

Considering the progress and adequacy of management’s response to these reviews.

receiving reports on the monitoring and review of risk management.

Approve the annual Statement of Accounts, prior to submission to the external auditor.

In terms of internal audit, the Committee may make decisions in respect of operational matters, and may make recommendations to the Council on policy matters. In particular, the Committee will:-

Receive any internal audit strategies, codes of practice, audit plans and progress against such plans as it considers necessary.

Receive the Annual Report on Internal Audit Activities.

Review the progress and adequacy of management’s response to internal audit recommendations and matters arising from the internal audit reports.

Consider those internal audit reports which, in the view of either the Chief Executive, the responsible Finance Officer or Chief Auditor require to be brought to the attention of the Audit Committee.

Keep under review and make recommendations to the Council on the content and operation of the Council’s Anti-Fraud and Corruption Policy.

In respect of external audit and other relevant external inspections, the Audit Committee may make decisions in respect of operational matters and may make recommendations to the Council on policy matters, In particular, the Committee will:-

Receive the external auditor’s review of the Council’s Statement of Accounts, Annual Audit Letter, Audit Plans and any other reports and relevant matters referred by the external auditor.

Review the progress and adequacy of management’s response to external audit recommendations and matters arising from other external inspection reports that relate to specifically to the Committee’s purposes set out in 1.1. (This responsibility recognises the separate role of Scrutiny Panels in holding the Executive to account for how they respond generally to inspection reports and is not intended to be a substitute for this role).

The Committee is charged with responsibility for ensuring good stewardship of the authority’s resources.

Review on a regular basis the Council’s risk register and arrangements for managing risk.

In undertaking its role, the Committee will have regard to the aspects of good practice summarised in the attached note.

The Committee will meet at least four times a year. Some of the significant items of business at these meetings will be:-

(i) Council’s annual Statement on Internal Control and Accounts.
(ii) Internal Audit Plan.
(iii) Internal Audit Outturn Report.
(iv) External Audit Plan.
(v) External Audit Reports.
(vi) Annual Report on Risk Register and Management of Risk.
(vii) Annual Review of Council’s Anti-Fraud and Corruption Policies and Work.