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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)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.
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.
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.
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.
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