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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 27/06/2006

Model Terms of Reference for an Audit Committee

Audit activity

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

To consider summaries of specific internal audit reports as requested

To consider reports dealing with the management and performance of the providers of internal audit services

To consider a report from internal audit on agreed recommendations not implemented within a reasonable timescale

To consider the external auditor’s annual audit letter, relevant reports, and the report to those charged with governance

To consider specific reports as agreed with the external auditor

To comment on the scope and depth of external audit work and to ensure it gives value for money

To liaise with the Audit Commission over the appointment of the council’s external auditor

To commission work from internal and external audit

Regulatory framework

To maintain an overview of the council’s constitution in respect of contract procedure rules, financial regulations and codes of conduct and behaviour

To review any issue referred to it by the head of paid service or a director, or any council body

To monitor the effective development and operation of risk management and corporate governance in the council

To monitor council policies on “Raising Concerns at Work” and the anti-fraud and anti-corruption strategy and the council’s complaints process

To oversee the production of the authority’s Statement on Internal Control and recommend its adoption

To consider the council’s arrangements for corporate governance and agreeing necessary actions to ensure compliance with best practice

To consider the council’s compliance with its own and other published standards and controls


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.

To consider the external auditor’s report to those charged with governance on issues arising from the audit of the accounts