The Audit Committee has an independent role in advising the Council on financial reporting processes, internal control, risk management and audit matters, as part of the systematic review of the control environment and governance procedures of the Council.
The Committee will have a role in promoting good accounting practices, ensuring better and more informed decision-making, and improving the focus on value for money throughout the organisation. It will also support the work of the Internal Audit Unit and advise the Chief Executive in relation to the operation and development of the Unit. The Committee’s role is advisory.
The functions of the Audit Committee are as prescribed by section 59 of the Local Government Act 2014;
2.1 To review the financial and budgetary reporting practices and procedures within the local authority.
2.2 To foster the development of best practice in the performance by the local authority of its internal audit function.
2.3 To review any audited financial statement, auditor’s report or auditor’s special report in relation to the local authority and assess any actions taken within that authority by its chief executive in response to such a statement or report and report its findings to the authority.
2.4 To assess and promote efficiency and value for money with respect to the local authority’s performance of its functions.
2.5 To review systems that are operated by the local authority for the management of risks
2.6 To review the findings and recommendations of the National Oversight and Audit Commission (NOAC) and the response of the Chief Executive to these and take further action as appropriate.