Council Constitution

Part 3a - Terms of Reference and Scheme of Delegation

10. Audit Panel

10.1 Role

1. 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.
   
   
2. The Panel shall have a membership of seven Members.
   
   
3. The Panel shall be chaired by the Chair of the Overview (Audit) Panel.

10.2 Terms of Reference

1. To review the arrangements for internal control (both financial and non financial);
   
   
2. Consider the Annual Audit Letter from our External Auditors;
   
   
3. Approve (but not direct) both external and internal audit’s strategy, annual plans and monitor performance;.
   
   
4. Consider accounting policies and review of the statement of accounts (but not agreement);
   
   
5. Review summary internal audit reports and the main issues arising and seek assurance that management action has been taken where necessary;
   
   
6. Consider the reports of other regulators and inspectors;
   
   
7. Consider the effectiveness of the authority’s risk management arrangements, the control environment and associated anti-fraud and anti-corruption arrangements. Seek assurances that action is being taken on risk related issues identified by auditors and inspectors;
   
   
8. Be satisfied that the authority’s assurance statements, including the Statement on Internal Control, properly reflect the risk environment and any actions required to improve it; and
   
   
9. To review existing and proposed arrangements, recommend changes and receive assurance that the systems of corporate governance are operating effectively and in accordance with best practice;