The Audit and Risk Management Panel of Greenwich Council met on Tuesday 21 July 2026 to review the council's financial reporting and audit strategies. The meeting agenda included discussions on the Audit Strategy Memorandum for 2025/26, the draft Statement of Accounts for the same period, and the Treasury Management and Capital Outturn reports. The panel was also scheduled to consider the Royal Borough of Greenwich Strategic Risk Register.

Audit Strategy Memorandum 2025/26

The panel was scheduled to note the 2025/26 external Audit Strategy Memorandum for the authority and the Pension Fund. This memorandum, provided by external auditors Forvis Mazars, details the forecast fees, work undertaken so far, and proposals for ongoing and future audit work. The auditors are required to perform their audits in line with the Local Audit and Accountability Act 2014 and the National Audit Office's Code of Practice, with responsibilities including giving an opinion on the authority's financial statements and satisfying themselves that the authority has made proper arrangements for securing economy, efficiency, and effectiveness in its use of resources.

Draft Statement of Accounts 2025/26

Consideration was scheduled for the authority's draft Statement of Accounts for the year ended 31 March 2026, including the Pension Fund Accounts. These accounts had been submitted to Forvis Mazars for audit. The statement of accounts is compiled in accordance with International Financial Reporting Standards (IFRS) and the Code of Practice on Local Authority Accounting in the UK. It comprises a narrative statement, core financial statements, notes to the accounts, the Housing Revenue Account, and the Pension Fund Account. Regulations require the authority to publish its draft statements and undertake a period of 30 working days for the exercise of public rights, with the inspection period for the 2025/26 accounts running from 6 July 2026 to 14 August 2026.

Treasury Management and Capital Outturn 2025-26

The panel was set to review the Treasury Management Outturn and Capital Outturn Reports for 2025/26. The Treasury Management Outturn report summarises the council's treasury management activities during the year, ensuring compliance with the Chartered Institute of Public Finance and Accountancy's (CIPFA) Treasury Management code. This includes ensuring adequate liquidity for revenue and capital activities, security for investments, and managing risk. The Capital Outturn report details the capital investment position for 2025/26, forming part of the Corporate Capital Strategy governance framework. The report was expected to outline the capital expenditure incurred against the forecast position, with variances typically arising from the acceleration or slippage in multi-year capital programmes.

Royal Borough of Greenwich Strategic Risk Register

The panel was scheduled to note and comment on the Council's Strategic Risk Register. This register contains the key risks that threaten the Council's plans and strategies, along with the controls and mitigating actions in place. The register is owned by the Greenwich Management Team (GMT), with each risk assigned to a designated Director. GMT scrutinises the register to ensure it accurately reflects the key strategic risks and considers the reasonableness of risk evaluations, the adequacy of internal controls, and progress on mitigating actions. The report indicated that no new or escalated risks had been identified for inclusion in the register during the current review cycle.

The meeting also included standard agenda items such as receiving apologies for absence, announcing urgent business, and declarations of interest. Members were also due to confirm the minutes of the previous meeting held on 24 June 2026 and receive the current Action Log.