Issue - meetings

The Director of Finance submits the Annual Report of the Audit and Risk Committee. The report sets out what the Committee has achieved over the municipal year 2014-15.

There is no specific requirement for such a report. However, best practice is for the Audit and Risk Committee to be able to demonstrate its effectiveness in overseeing the City Council’s control environment and this is reflected in the Committee’s terms of reference. The Audit and Risk Committee is recommended to approve the report for submission to Council.

The Director of Finance submitted a report for submission to Council setting out what the Audit and Risk Committee had achieved over the municipal year 2014-15. The Committee noted there was not specific requirement for such a report, but it was considered best practice for the Committee to be able to demonstrate its effectiveness in overseeing the City Council’s control environment, and this was reflected in the Committee’s terms of reference. The report covered the municipal year rather than the financial year so as to align with members’ terms of office. The Audit and Risk committee was recommended to approve the report for submission to Council.

The meeting was advised that the Committee’s terms of reference had been reviewed and updated prior to the beginning of the municipal year 2014-15, and the Committee had noted them at its meeting on 15 April 2014. A further update of the terms of reference was noted by the Committee at its final meeting of the municipal year on 31 March 2015.

It was reported the Committee was well established and had continued to make an important contribution to the effectiveness of the City Council’s internal control and corporate governance frameworks, and was a central component of the Council’s system of internal audit. It was also noted that during the municipal year for 2014-15 the Committee had met on seven occasions, all of which were properly constituted and quorate.

The Chair thanked the officer for the report.

RESOLVED:

that:

1.    the Annual Report of the Audit & Risk Committee to Council for the Municipal Year 2014-15 be approved and presented to Council;

2.    Council be recommended to receive the report.