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V25-1649 : AUDIT COMMITTEES - AN INTRODUCTION

The report of the Director of Central Services provided a framework in which this Sub-Committee could operate when adopting the role of an Audit Committee. Two meetings each year of this Sub-Committee would be dedicated to Audit Committee matters including:

(a) reports on internal controls and financial procedures
(b) anti-fraud policies and developing an anti-fraud culture
(c) approving audit plans and the application of audit resources
(d) monitoring audit performance and the implementation of audit recommendations.

As the Audit Committee became more conversant with the methods of operation and the Council developed its performance review requirements it would be necessary to review the duties and effectiveness of the Committee.

RESOLVED

1. That further to minute V25-279, the duties and methods of operation for the Audit Committee as set out in the report of the Director of Central Services be approved.

2. That effectiveness of these arrangements be reviewed after 12 months operation.

Volume 25 Minute 1649

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