Skip to main content

Meetings

Meeting Details

Audit Committee
27 Jul 2021 - 19:00 to 21:00
Occurred
  • Documents
  • Attendance
  • Declarations of Interests
  • Visitors

Documents

Agenda

Meeting-Info
Standard Items
MEMBERSHIP:

Councillor Tim Murtagh (Chair)

Councillor Shital Manro

Councillor Yvonne Johnson

Councillor Mik Sabiers

Councillor Anthony Young

 

Independent Member: Mr Tommy Hyun

 

VIRTUAL MEETING - LINK TO VIEW

This meeting will be a virtual meeting and therefore will not take place in a physical location. This meeting can be viewed by following this link:

LINK HERE

 

 

 

1 Apologies for Absence and Substitutions

To note any apologies for absence and substitutions.

 

2

Apologies were received from:

 

Councillor Murtagh (with no substitution); and

Councillor Young (with Councillor Gallant as his substitute).

 

 

2 Urgent Matters

To consider any urgent matters arising since the despatch of the agenda that the Chair has agreed should be considered at the meeting.

 

3

There were none.

 

 

3 Declarations of Interest

To note any declarations of interest made by members.


4

There were none.

 

4 Matters to be Considered in Private

To determine whether items contain information that is exempt from disclosure by virtue of Part 1 of Schedule 12A of the Local Government Act 1972.


5

Agenda Item 10 contained information that was exempt from disclosure by virtue of Paragraphs 3 and 5 of Part 1 of Schedule 12A of the Local Government Act 1972.  This information was not considered in private, as it was not necessary to discuss the details of the exempt information provided.

 

 

5 Minutes

To approve as a correct record the minutes of the meeting held on 30 March 2021.

 

6

RESOLVED:

 

That the minutes of the meeting held on 30 March 2021 be agreed and signed by the Chair, as a true and correct record.

 

 

7

Bridget Uku, Group Manager, Treasury and Investments introduced the report which outlined the Council’s borrowing and investment activities for the financial year ending 31 March 2021.

 

In response to queries raised by the Committee, it was confirmed by Bridget Uku that:

 

  • The Council was not currently investing in other Local Authorities but did however review its position every month.
  • The investment balance that was not invested with the Debt Management Office (DMO) was in money market fund accounts.
  • Generally, all the Council’s investments were dealt with in house but sometimes advisors were used for more specialist advice.

 

RESOLVED:

 

That the Audit Committee:

 

i) noted the Treasury Management activities and performance against targets for the period to 31 March 2021.

ii) noted the Council’s investment balance of £228.598m as at 31 March 2021 of which £196.500m was invested with Debt Management Office (DMO).

iii) noted the Prudential Indicators outturn for 2020/21. These had all been maintained within the limits set by full Council in February 2020 (set out in Appendix 2 of the report).

 

 

8

Bridget Uku, Group Manager, Treasury and Investments introduced the report which updated the Committee on the Council’s borrowing and investment activities for the quarter ending 30 June 2021.

 

Over the reporting period, all treasury management activities had been carried out within the confines of the approved limits. The report also provided information on the prevailing economic conditions over the reporting period.

 

RESOLVED:

 

That the Audit Committee:

i) noted the Treasury Management activities and performance against targets for the period to 30 June 2021.

ii) noted the Council’s investment balance of £271.585m as at 30 June 2021 of which £227.000m was invested in Debt Management Office (DMO).

 

 

9

Mike Pinder, Assistant Director of Audit and Investigations introduced the report which provided the Committee with the Head of Internal Audits’ Opinion on the Internal Audit work completed in 2020/21 and an update on the work of Internal Audit and Investigations for Quarter 4, 1 January 2021 – 31 March 2021.

 

The Committee was informed that the Head of Internal Audits’ overall Opinion on the Council’s system of internal control, governance and risk management was that limited assurance could be given on the overall control framework. There was, however, reasonable assurance on the key financial systems. The opinions were based on recent audit work and the consideration of the system of internal control within the Council being designed to meet the organisation’s objectives and that controls were applied consistently.

 

In response to queries raised by the Committee, it was confirmed by Mike Pinder that:

 

  • The decision to provide an overall audit opinion of limited assurance was marginal but considered necessary and was based upon 45% of reports having received limited assurance.
  • The opinion did not necessarily mean that all Council controls had diminished significantly in 2020/21.
  • The Covid pandemic had required an almost overnight shift to remote working, along with additional pressures to deliver new services to support the community.

 

RESOLVED:

 

That the Audit Committee:

 

i) noted the performance of the Internal Audit & Investigation team and key issues arising during the period 1 January 2021 – 31 March 2021.

ii) noted the Head of Internal Audit Annual Opinion for 2020/21.

iii) noted and agreed the following revised policies: Audit Charter (Appendix A), Fraud and Bribery Response (Appendix B) and Money Laundering (Appendix C).

iv) requested that future internal audit and investigation update reports include action plans for monitoring.

 

 

10

Mike Pinder, Assistant Director of Audit and Investigations introduced the report which set out the methodology for producing the Annual Governance Statement (AGS) for 2020/21 and highlighted Governance issues.

 

RESOLVED:

 

That the Audit Committee:

 

i) noted the Draft Annual Governance Statement for 2020/21.

 

 

11

Mike Pinder, Assistant Director of Audit and Investigations introduced the report updating the Committee on the review by the Senior Leadership Team (SLT) of strategic risks facing the Council as of July 2021.

 

RESOLVED:

 

That the Audit Committee:

 

i) noted the Strategic Risk Register (Appendix A of the report) and its key changes since March 2021.

 

 

11 Date of Next Meeting

The date of the next meeting will be confirmed in due course.

 

 


12

The date of the next meeting would be confirmed in due course.

           

The meeting ended at 7:33pm

 

MATTERS TO BE CONSIDERED IN PRIVATE

Exclusion of the Public and Press:

On agreement of the Committee, under Section 100(A) of the Local Government Act 1972, the public would be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act for the reasons stated on the agenda. 

 

10 CONFIDENTIAL - Appendix A - July 2021 Strategic Risk Register
  • Information relating to the financial or business affairs of any particular person (including the authority holding that information);
  • Information in respect of which a claim to legal professional privilege could be maintained in legal proceedings;

Attendance

NameReason for Sending Apology
Councillor Timothy Murtagh 
Councillor Anthony Young 
NameReason for Absence
No absentee information has been recorded for the meeting.

Declarations of Interests

Member NameItem Ref.DetailsNature of DeclarationAction
No declarations of interest have been entered for this meeting.

Visitors

Visitor Information is not yet available for this meeting