The Hackney Council Audit Committee meeting on 19 June 2024 focused on several key issues, including the approval of the Internal Audit Annual Report 2023/24, the review of the Corporate Risk Register, and updates on treasury management and performance monitoring.

Internal Audit Annual Report 2023/24

The committee approved the Internal Audit Annual Report 2023/24, which included a comprehensive review of the council's internal controls, risk management, and governance processes. The report highlighted significant improvements in financial management and compliance, but also identified areas needing further attention, such as IT security and procurement processes. One councillor noted,

While the overall assessment is positive, we must not overlook the critical areas where improvements are necessary, particularly in our IT infrastructure.

The committee agreed on a follow-up audit to ensure these issues are addressed.

Corporate Risk Register

The Corporate Risk Register was reviewed, focusing on the key risks facing the council, including financial sustainability, cyber security, and housing. The committee discussed the mitigation strategies in place and emphasised the importance of continuous monitoring. Councillors expressed concerns about the rising risks associated with cyber threats, with one stating,

Given the increasing frequency of cyber attacks, it's imperative that we bolster our cyber defences and ensure all staff are adequately trained.

Treasury Management Update

The Treasury Management Update provided an overview of the council's investment strategies and borrowing activities. The report indicated a stable financial position, with investments performing well despite market volatility. The committee discussed the potential impact of interest rate changes and agreed to maintain a cautious approach to future investments.

Performance Monitoring

The committee reviewed the Performance Update, which included key performance indicators across various council services. The report showed improvements in waste management and social care services, but highlighted challenges in housing and education. The committee called for targeted actions to address these issues and requested a detailed action plan for the next meeting.

Annual Fraud and Irregularity Report 2023/24

The Annual Fraud and Irregularity Report 2023/24 was presented, detailing instances of fraud and the measures taken to prevent and detect fraudulent activities. The report noted a decrease in fraud cases compared to the previous year, attributing this to enhanced internal controls and staff training. The committee praised the efforts but stressed the need for ongoing vigilance.