The West London Waste Authority Audit Committee meeting was scheduled to review the authority's financial standing, risk management, and governance frameworks. Key discussions were expected to focus on the final 2023-24 Statement of Accounts, external and internal audit reports, and the authority's risk register.

Risk Register

The committee was scheduled to consider an updated version of the West London Waste Authority's risk register. This report aimed to provide the committee with an overview of the authority's strategic and operational risks. The register indicated that there were no notable (red) risks identified at the time of the report. The report recommended that the committee recognise that while change inherently increases risk, the risk of not adapting is greater. The register categorised risks into Reputational, Financial, Health and Safety, Regulatory/Legal, Environmental, Technological, People, and Joint Working.

Governance Report

A report on the West London Waste Authority's governance was scheduled for discussion. This report detailed the progress made in establishing a robust governance framework, including a gap analysis to identify current controls and risk exposures. It highlighted that all policies had been scheduled for recurring reviews, with completion by March 2025. The report also noted the standardisation of meeting governance for internal meetings to ensure a consistent framework and the mapping of board terms of reference and lines of assurance to clarify decision-making pathways. The committee was asked to approve the Governance Assurance Framework.

Final 2023-24 Statement of Accounts

The committee was scheduled to review the final 2023-24 Statement of Accounts for approval. The report indicated that the audit by KPMG was nearing completion, with the draft audit opinion not yet available due to further consultation required on value for money work. Notable changes from the draft accounts included an increase in the asset value of land and buildings due to desktop valuations, particularly for the SERC asset. A query regarding a pension fund valuation was also outstanding. The report also provided an update on external audit fees for previous years and an estimate for the 2023-24 audit.

External Audit Reports

The committee was scheduled to consider draft reports from KPMG, the authority's external auditors. These included the draft ISA 260 report, which deals with the auditor's responsibility to communicate with those charged with governance, the draft Auditors Annual Report, summarising audit findings, and the draft Management Representation Letter, which demonstrates the accuracy of the financial statements submitted for audit. The draft audit opinion was not yet available due to ongoing consultation on value for money work.

Internal Audit Reports

The committee was scheduled to review reports from the Head of Internal Audit. These included a follow-up audit report on Human Resources (HR) and Payroll, which followed up on a previous audit that had received a Limited assurance grade. The follow-up audit indicated improvements in document compliance, payroll amendments, and DBS checks, with the policies and procedures review in progress. An advisory report on Project Governance was also to be presented, reviewing existing procedures and suggesting improvements. This report noted that the West London Waste Authority (WLWA) did not fully follow a Six Sigma methodology within projects and recommended the introduction of Project Initiation Document templates and Senior Leadership sign-off sheets.