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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 05/12/2006
Audit Committee Terms of Reference

Audit Committee Terms of Reference ANNEXE 2

Audit activity

o To consider the head of internal audit’s annual report and opinion, and a summary of internal audit activity (actual and proposed) and the level of assurance it can give over the council’s corporate governance arrangements
o To consider summaries of specific internal audit reports as requested
o To consider reports dealing with the management and performance of the providers of internal audit services
o To consider a report from internal audit on agreed recommendations not implemented within a reasonable timescale
o To consider the external auditor’s annual audit letter, relevant reports, and the report to those charged with governance
o To consider specific reports as agreed with the external auditor
o To comment on the scope and depth of external audit work and to ensure it gives value for money
o To liaise with the Audit Commission over the appointment of the council’s external auditor
o To commission work from internal and external audit

Regulatory framework

o To maintain an overview of the council’s constitution in respect of contract procedure rules, financial regulations and codes of conduct and behaviour
o To review any issue referred to it by the head of paid service or a director, or any council body
o To monitor the effective development and operation of risk management and corporate governance in the council
o To monitor council policies on “Raising Concerns at Work” and the anti-fraud and anti-corruption strategy and the council’s complaints process
o To oversee the production of the authority’s Statement on Internal Control and recommend its adoption
o To consider the council’s arrangements for corporate governance and agreeing necessary actions to ensure compliance with best practice
o To consider the council’s compliance with its own and other published standards and controls


o To review the annual statement of accounts. Specifically, to consider whether appropriate accounting policies have been followed and whether there are concerns arising from the financial statements or from the audit that need to be brought to the attention of the council.
o To consider the external auditor’s report to those charged with governance on issues arising from the audit of the accounts.