Minutes for Accounts, Audit and Risk Committee meeting, Jun 22 2011, 6.30PM official page

Members are asked to declare any interest and the nature of that interest which they may have in any of the items under consideration at this meeting.

The Chairman to report on any requests to submit petitions or to address the meeting.

The Chairman to advise whether they have agreed to any item of urgent business being admitted to the agenda.

 

** To follow (agenda publication date before Accounts, Audit and Risk Committee meeting on 15 June 2011) **

 

To confirm as a correct record the Minutes of the meeting of the Committee held on 15 June 2011.

** Report to follow. The Accounts, Audit and Risk Committee will scrutinise the 2010/11 Financial Statements at their 15 June 2011 meeting. Following this review, an update will be provided to Committee Members. **  

 

Report of Head of Finance

 

Summary

 

The Accounts and Audit Regulations 2011 state that whilst the statement of accounts must be approved no later than 30 June immediately following the end of a year, the draft statement of accounts can now be approved by the responsible financial officer rather than Accounts, Audit and Risk Committee. The responsible financial officer at Cherwell District Council is the section 151 officer (Head of Finance) Karen Curtin.

 

The responsible financial officer will need to certify for audit that the draft statement of accounts present a true and fair view of the financial position of the council.

 

Regulation 8 does retain the requirement for a committee to consider and ultimately approve the statement of accounts post audit by 30 September in the year immediately following the end of the year which the statement of accounts relates.

 

Whilst there is no statutory requirement for the Accounts, Audit and Risk Committee to approve the draft statement of accounts by 30 June, the Head of Finance recognises that it would be good practice to provide the Committee with the opportunity to scrutinise the statements. This will take place on 15 June 2011 and a report that sets out the key financials from the statement of accounts. Details of the questions asked by members will be circulated on Friday 17 June 2011.

 

The transition to International Financial Reporting Standards (IFRS) has made the accounts more detailed and this has been recognised. This change will allow audit committee to fully understand the financial position of the council during June and approve the final audited statement of accounts in September.

 

Recommendation

 

The Accounts, Audit and Risk Committee is recommended to:

 

(1)               Note progress on the 2010/11 Financial statements.

 

 

 

Report of Head of Finance

 

Summary

 

The purpose of this report is to seek approval for the Annual Governance Statement 2010/11 (latest draft attached), subject to any amendments the Accounts, Audit and Risk Committee may wish to make.

 

Recommendation

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)       To resolve to consider and approve the Annual Governance Statement "Subject to Audit" 2010/11 (attached as Appendix 1).

Report of Head of Finance

 

Summary

 

To receive information on treasury management performance and compliance with treasury management policy during 2010/11 as required by the Treasury Management Code of Practice.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)               To consider, amend or endorse this report for consideration at the next appropriate full Council meeting.

(2)               To give delegated authority to the Head of Finance in consultation with the Chairman of Account, Audit and Risk Committee to make any amendments required as a result of finalising the 2010/11 financial statements.

Report of Head of Finance

 

Summary

 

This reports sets out the audit and inspection work that the Audit Commission proposes to undertake for the 2011/12 financial year at Cherwell District Council and the fee associated with this work. The report also provides a progress report on the work of external audit.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)               To note the contents of the annual audit fee letter (Appendix 1).

(2)               To approve the extension of the Engagement Lead – Maria Grindley for a period of 2 further years.

(3)               To note the contents of the progress report (Appendix 2).

Report of Chief Internal Auditor

 

Summary

 

This report provides the Committee with the Internal Audit Annual Report for 2010/11.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)       To consider and approve this report.

 

Report of Chief Internal Auditor

 

Summary

 

This report provides the Committee with an update of the work of Internal Audit since the last meeting and presents the Internal Audit Report 2010/11 Firewall Review.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)       To consider and approve this report.

 

Report of Head of Finance

 

Summary

 

The purpose of this report is to review and approve the annual report of the Accounts, Audit and Risk committee for 2010/11 and recommend that it be presented to full Council.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)       To consider, amend or endorse this report for consideration at the next appropriate Full Council meeting.

 

Report of Corporate Strategy and Performance Manager

 

Summary

 

To update the Committee on the management of Strategic, Corporate and Partnership Risks during the last quarter of 2010/11 and highlight any emerging issues for consideration.

 

Recommendations

 

The Accounts, Audit and Risk Committee is recommended:

 

(1)       To review the quarter 4 Strategic, Corporate and Partnership Risk Register. (Appendix 1).

 

(2)       To review the proposed reporting timetable to the Executive and the Accounts Audit and Risk Committee 2011/2012 (paragraphs 1.8 and 1.9 of the report).

 

(3)       To note the outcomes of the risk management internal audit review (Appendix 2).

The following item contains exempt information as defined in the following paragraphs of Part 1, Schedule 12A of the Local Government Act 1972.

 

3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information).

 

Members are reminded that whilst the following item has been marked as exempt, it is for the meeting to decide whether or not to consider each of them in private or in public. In making the decision, members should balance the interests of individuals or the Council itself in having access to the information. In considering their discretion members should also be mindful of the advice of Council Officers.

 

Should Members decide not to make a decision in public, they are recommended to pass the following recommendation:

 

“That, in accordance with Section 100A(4) of Local Government Act 1972, the press and public be excluded form the meeting for the following items of business, on the grounds that they could involve the likely disclosure of exempt information as defined in paragraph 3 of Part 1, Schedule 12A of that Act.”