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Finance, Audit and Risk Committee - Wednesday, 13th March, 2024 7.30 pm

March 13, 2024 View on council website  Watch video of meeting Read transcript (Professional subscription required)

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Summary

The council meeting focused on governance, financial oversight, and operational updates, including the election of a temporary chair due to the absence of the usual Chair and Vice-Chair. Key discussions revolved around the external audit backlog, anti-fraud measures, and the upcoming year's internal audit plan.

  1. External Audit Backlog: The committee discussed the significant backlog in external audits, a common issue across many councils. The decision was to adopt a phased approach to clear the backlog, involving resetting deadlines and potentially accepting disclaimed opinions for certain years to expedite the process. The implications are significant as this approach affects the transparency and accountability of the council's financial reporting in the short term but aims to stabilize the audit process in the long run.

  2. Anti-Fraud Plan for 2024-25: The committee reviewed and approved the anti-fraud plan which aims to enhance the council's capability to prevent, detect, and respond to fraud. The plan includes continuing education and awareness programs and strengthening investigative processes. The decision underscores the council's commitment to maintaining integrity and public trust, although the effectiveness of these measures will depend on rigorous implementation and ongoing evaluation.

  3. Internal Audit Plan for 2024-25: Approval was given to the internal audit plan which outlines the audits to be conducted over the next fiscal year. This plan is crucial for ensuring that the council's operations are subject to scrutiny, helping to identify areas for improvement and ensuring compliance with regulations and standards. The decision reflects the council's proactive stance on governance and risk management.

An interesting point in the meeting was the low uptake of mandatory ethical training by council members, which sparked a discussion about potential measures to improve participation. This issue highlights ongoing challenges in fostering a culture of compliance and ethical behavior within the council.

Attendees

Profile image for CouncillorSean Nolan
Councillor Sean Nolan Chair of the Finance, Audit & Risk Committee • Labour and Co-operative • Letchworth Wilbury
Profile image for CouncillorChris Lucas
Councillor Chris Lucas Liberal Democrats • Hitchin Priory
Profile image for CouncillorTamsin Thomas
Councillor Tamsin Thomas Executive Member for Enterprise • Labour and Co-operative • Letchworth South East

Topics

No topics have been identified for this meeting yet.

Meeting Documents

Agenda

Agenda frontsheet 13th-Mar-2024 19.30 Finance Audit and Risk Committee

Reports Pack

Public reports pack 13th-Mar-2024 19.30 Finance Audit and Risk Committee

Additional Documents

Decisions 13th-Mar-2024 19.30 Finance Audit and Risk Committee
Printed minutes 13th-Mar-2024 19.30 Finance Audit and Risk Committee
MDocPackPublic.version0001
Clearing the External Audit Backlog
Appendix A Joint Statement
Appendix B Consultation response
SAFS Update Report - FARC March 2024
Appendix A. SAFS KPI Monitoring 2023 2024- Q3
NHC Anti-Fraud Plan 2024-25 - Covering Report
NHC FAR Committee - SIAS Progress Report issued 28.02.24
Appendix A. NHC Local Anti-Fraud Plan 2024- 2025 SAFS
NHC FAR Committee - 2024-25 Internal Audit Plan Report issued 28.02.24
LOCAL CODE OF CORPORATE GOVERNANCE 2024 AND ANNUAL GOVERNANCE STATEMENT ACTION PLAN UPDATE 202324
Appendix A Local Code of Governance 2024
Appendix B AGS Action Plan Update
THIRD QUARTER INVESTMENT STRATEGY CAPITAL AND TREASURY REVIEW 202324
Capital App A 3rd Qrt 2324 Rec.pdf
Uploaded Appendix B TM Qrt3-2023-24.docx
THIRD QUARTER REVENUE BUDGET MONITORING 202324