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Audit Committee Checklist

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Audit Committee Checklist - India
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  Audit Committee self-assessment checklist ESTABLISHMENT, OPERATI0N AND   DUTIES Role and remit Ref Priority Issue Yes No N/a Comments/Action 1 1 Does the audit committee have written terms of reference? Ref A - Governance and Audit Committee Terms of Reference 2 1 Do the terms of reference cover the core functions of an audit committee as identified in the CIPFA Guidance? Report of the City Solicitor to City Council 10 th  October 2006 -Ref B pages 11 →  3 1  Are the terms of reference approved by the council and reviewed periodically? Minutes of the Council 27 March 2007- Ref C (minute 73) only approved March 2007 not yet due for review 4 1 Has the audit committee been provided with sufficient membership, authority and resources to perform its role effectively and independently? Report of the City Solicitor to City Council 10 th  October -Ref B -In accordance with CIPFA Guidance 5 1 Can the audit committee access other committees and full council as necessary?   Ref B item 6 appendix B and Ref A item 6, item 13 6 1 Does the authority's statement on internal control include a description of the audit committee's establishment and activities?   SIC for 2006/7 referred to the setting up of an Audit Committee in 2007/8. From 2007/8 the SIC is replaced by the AGS that will make reference to the Governance and Audit Committee 7 2 Does the audit committee periodically assess its own effectiveness?  Meetings Ref Priority Issue Yes No N/a Comments/Action 16 1 Does the audit committee meet regularly? Meetings set for June 29 th  2007, Sept 21 st 2007, November 23 rd  2007, February 8 th  2008 and 11 th   April 2008 for this year’s cycle and have been drafted for 2008/9. 17 1 Do the terms of reference set out the frequency of meetings? No but not an issue as a programme of forward dates is set annually 18 1 Does the audit committee calendar meet the authority's business needs, governance needs and the financial calendar? Yes, particularly with Accounts, programmed by Democratic Services 19 1 Are members attending meetings on a regular basis and if not, is appropriate action taken? Yes see Minutes of the Governance and Audit Committee Ref E 20 1 Are meetings free and open without political influences being displayed? See Minutes Ref E 21 1 Does the authority's s151 officer or deputy attend all meetings? Yes see Minutes Ref E 22 1 Does the audit committee have the benefit of attendance of appropriate officers at its meetings? Yes see Minutes Ref E; regular: Risk Manager, S151 Officer, Monitoring Officer, CX, Audit Manager and other officers as required   INTERNAL CONTROL Ref Priority Issue Yes   NoN/aComments/Action 23 1 Does the audit committee consider the findings of the annual review of the effectiveness of the system of internal control (as required by the  Accounts & Audit Regulations) including the review of the effectiveness of the system of internal audit? Is in Terms of Reference. Now  AGS which is on the Agenda for November 23 rd  meeting also see Minutes Ref E 24 1 Does the audit committee have responsibility for review and approval of the SIC and does it consider it separately from the accounts? See Minutes, Ref E and Terms of Reference, Ref A 25 1 Does the audit committee consider how meaningful the SIC is? Now AGS- On 23 rd  November agenda 26 1 Does the audit committee satisfy itself that the system of internal control has operated effectively throughout the reporting period? Terms of Ref and on Agenda 23 rd  November 27 1 Has the Audit committee considered how it integrates with other committees that may have responsibility for risk management? Seeking clarity with role of Policy and Review (Performance) Panel see Minutes 21 st  September requested report to November 23 rd  Meeting 28 1 Has the audit committee (with delegated responsibility) or the full council adopted Managing the Risk of Fraud -Actions to Counter Fraud and Corruption? P The Anti Fraud and Corruption Policy was approved by the Full Council on 9 th  October 2007.  Action:  Audit Manager to progress this specific document with Risk Manager, Monitoring Officer and s151 Officer 29 1 Does the Audit committee ensure that the Actions to Counter Fraud and Corruption are being implemented? P Fraud Response Plan has been drafted and the detailed investigation procedures are being drafted.  Action:  Audit Manager to progress with Risk Manager, Monitoring Officer and s151 Officer     30 2 Is the audit committee made aware of the role of risk management in the preparation of the internal audit plan? Report to Members 29 June 2007 meeting Audit Strategy, Ref F page 4 item 18 31 2 Does the audit committee review the authority's strategic risk register at least annually?  Awaiting clarity on role but up date report on corporate risk register reported to G&A 21 st  Sept. meeting 32 2 Does the Audit Committee monitor how the authority assesses its risk? Seeking clarity of roles to be discussed at November 23 rd  meeting 33 2 Do the audit committee's terms of reference include oversight of the risk management process? Terms of ref - Ref A FINANCIAL REPORTING AND REGULATORY MATTERS Ref Priority Issue Yes No N/a Comments/Action 34 1 Is the audit committee's role in the consideration and/or approval of the annual accounts clearly defined? Terms of Reference, Ref A 35 1 Does the audit committee consider specifically; ã The suitability of accounting policies and treatments ã Major Judgements made ã Large write-offs ã Changes in accounting treatment ã The reasonableness of accounting estimates ã The narrative aspects of reporting?  As far as possible see Minutes 29 June 2007, Ref E 36 1 Is an audit committee meeting scheduled to receive the external auditor's report to those charged with governance including a discussion of proposed adjustments to the accounts and other issues arising from the audit? 21 ST  September meeting, Ref E 37 1 Does the audit committee review management's letter of representation? 21 ST  September meeting, Ref E 38 2 Does the audit committee annually review the accounting policies of the authority?  As far as possible on advice of s151 Officer see Minutes 29 June 2007, Ref E 39 2 Does the audit committee gain an understanding of management's procedures for preparing the authority's annual accounts? See Minutes 29 June Ref E 40 2 Does the audit committee have a mechanism to keep it aware of topical legal and regulatory issues, for example by receiving circulars and/or through training? There is currently an informal system carried out by the Monitoring Officer.  Action: Monitoring Officer to put a formal system in place   INTERNAL AUDIT Ref Priority Issue Yes No N/a Comments/Action 41 1 Does the audit committee approve, annually and in detail, the internal audit strategic and annual plans including consideration of whether the scope of internal audit work addresses the authority's significant risks? See Ref E Minutes of June 29 Meeting 42 1 Does internal audit have an appropriate reporting line to the audit committee?   Regular meetings with the Chair, see also Audit Charter and Terms of Reference 43 1 Does the audit committee receive periodic reports from the internal Ref E Minutes and 21 st  September Minutes  audit service including an annual report from the Head of Internal  Audit? On-going agenda item 44 1 Are follow-up audits by internal audit monitored by the audit committee and does the committee consider the adequacy of implementation of recommendations? Part of KPI’s escalation process of non-implemented recommendations see Minutes 21 st  September 2007 45 1 Does the audit committee hold periodic private discussions with the Head of Internal Audit?  Action?  Audit Chair- invite others? Not a specific CIPFA requirement to meet them all just Chair 46 1 Is there appropriate cooperation between the internal and external auditors? Regular meetings held between DA/IA  Action:  Internal Audit Manager to speak to District Audit Manager about updating Audit Protocol Ref Priority Issue Yes No N/a Comments/Action 47 1 Does the audit committee review the adequacy of internal audit staffing and other resources? Ref E see Minutes of June and September 48 1 Has the audit committee evaluated whether its internal audit service complies with CIPFA's Code of Practice for Internal audit in Local Government in the United Kingdom? Report to members 23 rd  November 49 2 Are internal audit performance measures monitored by the audit committee? Ref E Minutes June and Sept 50 2 Has the audit committee considered the information it wishes to receive from internal audit? See Minutes 21 st  Sept and June   EXTERNAL  AUDIT Ref Priority Issue Yes No N/a Comments/Action 51 1 Do the external auditors present and discuss their audit plans and strategy with the audit committee (Recognising the statutory duties of external audit)? S151 Officer and Chief Executive discuss and agree the audit plan and strategy with the District  Auditor 52 1 Does the audit committee hold periodic private discussions with the external auditor?  Action: District Auditors details have been passed to the Chair by the Internal Audit Manager 30 Oct 2007 53 1 Does the audit committee review the external auditor's annual report to those charged with governance? See Minutes 21 Sept 2007 54 1 Does the audit committee ensure that officers are monitoring action taken to implement external audit recommendations? Ditto 55 1  Are reports on the work of external audit and other inspection agencies presented to the committee, including the Audit Commission's annual audit and inspection letter? P Action: Policy and Review (Performance) Panel currently receives other inspection agency reports.  Any key issues should be reported to the G&A from the Panel   56 1 Does the audit committee assess the performance of external audit?  Action:  Annual report from s151 Officer to G&A on any issues that have arisen regarding External audit performance 57 1 Does the audit committee consider and approve the external audit fee?  Action  Annual report from the s151 Officer to G&A on the level and challenge to the External Audit fee
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