Issue - meetings

The Chartered Institute of Public Finance and Accountancy (CIPFA) advocates that it is good practice for Audit Committees to undertake regular assessments, thus enabling members to gain an appreciation of what affords best practice, to confirm the level of compliance being achieved, and to identify any potential areas for enhancements to be made to arrangements (report of the Finance Manager enclosed).

Consideration was given to the report of the Finance Manager.  Members noted that the Chartered Institute of Public Finance and Accountancy (CIPFA) advocated that it was good practice for Audit Committees to undertake regular assessments.  Thus enabling members to gain an appreciation of what affords best practice, to confirm the level of compliance being achieved, and to identify any potential areas for enhancements to be made to arrangements. 

CIPFA’s Audit Committee Self-Assessment Checklist, which was attached as an appendix within the report, focussed on 6 fundamental areas, and 66 individual aspects of operations.  The key areas were as follows:

·         Establishment, Operation and Duties;

·         Internal Control;

·         Financial Reporting and Regulatory Matters;

·         Internal Audit;

·         External Audit; and

·         Administration.

At a workshop session on 25 September the Governance and Audit Committee systematically went through the checklist to assess its performance against the CIPFA standard.  The results of the assessment were set out within Appendix 1.  The exercise identified a handful of actions that would improve its effectiveness.  These were highlighted in bold within the appendix.  The actions included the production of an annual report of the

work of the audit committee, ensuring that members had appropriate induction and training, and the need to hold private meetings with the internal and external auditors.

AGREED:

That the report be noted.