The Audit Committee is not just the concern of auditors, it is about the governance, financial reporting and performance of the whole council.
The Audit Committee has the following key purposes:
· to provide independent assurance that the council has an adequate control environment, including the systems of governance, internal control and risk management.
· to independently scrutinise the council's financial and non-financial performance.
· to oversee the financial reporting process.
The committee has a clear role in relation to the council's Internal Audit function. They also consider the work of the council's External Auditors, who are present at each meeting. The committee meets a minimum four times in each financial year and comprises of five members.
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