The Audit and Risk Management Committee of the City of London Council is scheduled to convene on Monday, 2 November 2026. The meeting's agenda includes a review of the City's Estate financial statements for 2025/26, an update on internal audit activities, and a discussion on the effectiveness of the committee itself.

City's Estate Financial Statements 2025/26

The committee is scheduled to consider the financial statements for the City's Estate for the 2025/26 financial year. These statements are being presented by the Chamberlain. The report pack also includes information on the City's Estate Trust Funds and Sundry Trust Annual Reports and Financial Statements for the same period.

Internal Audit Update - Quarter 2

An update on the work of the Internal Audit team for the second quarter of 2026/27 is scheduled for discussion. This report, from the Group Chief Internal Auditor, will cover completed audit reviews and ongoing work. A supplementary report provides an Internal Audit Insight Report on the disposal of investment property assets, which notes that while governance and financial controls are robust, an up-to-date, formally approved procedure reflecting current disposal practices is absent.

City Fund and Pension Fund Audit Progress and Sector Update

Grant Thornton, the external auditor, will provide an update on the progress of the audit for the City Fund and Pension Fund. This report will also include sector updates relevant to the committee's oversight responsibilities. The audit for the 2026/27 financial year has not yet commenced, with planning and risk assessment work scheduled to begin in January 2027.

Counter Fraud & Investigations Mid-Year Report 2026/27

The committee is set to receive a mid-year report on counter fraud and investigations for 2026/27. The report highlights that while a complex, high-priority reactive investigation impacted proactive work, the team has secured positive outcomes in 15 investigation cases, with an associated value of £178,937. The report also details progress in developing AI tools to enhance the team's capacity.

Risk Management Update

A report on risk management activities will be presented, detailing efforts to strengthen risk culture and support a strategic approach across the organisation. The number of corporate risks has decreased, while departmental red risks have increased. The report also outlines the current corporate and red departmental risk registers.

Review of Committee Effectiveness, Skills and Good Practice

The committee will discuss the results of a review into its own effectiveness, skills, and good practice. The review, which follows a similar process to one conducted in 2024, indicates a generally positive assessment of the committee's effectiveness, with strengths identified in promoting good governance and contributing to an effective control environment. However, areas for improvement include the assurance framework and the committee's role in supporting the achievement of the Corporation's goals and objectives. The skills audit matrix suggests a generally strong level of knowledge across the committee, though areas such as financial management and accounting, treasury management, and internal audit show comparatively higher scores, indicating areas where knowledge is less strong overall. A self-assessment of good practice by the clerk demonstrates a high level of compliance with CIPFA principles, with opportunities for improvement identified in areas such as ensuring adequate training and demonstrating the committee's added value.

City Fund and Pension Fund Audit Progress and Sector Update

Grant Thornton, the external auditor, will provide an update on the progress of the audit for the City Fund and Pension Fund. This report will also include sector updates relevant to the committee's oversight responsibilities. The audit for the 2026/27 financial year has not yet commenced, with planning and risk assessment work scheduled to begin in January 2027.

Revised Approach to Charity Risk Management

A report on a revised approach to charity risk management, from the Managing Director of the City Bridge Foundation, is scheduled for discussion.

The meeting will also address outstanding actions of the committee and its work programme. The agenda includes provisions for public questions and any other business that the Chairman considers urgent. A motion to exclude the public for the discussion of non-public and confidential items is also listed.