The Audit and Governance Committee meeting focused on reviewing and updating various financial and operational aspects of the council's activities. Key discussions included the delayed external audit reports, treasury management, internal audit plans, and the adoption of a data analytics strategy for internal audits.

1. External Audit Updates: The committee expressed disappointment over the continued delay in finalizing the 2021 external audit, attributed to unresolved issues like the RAC inspection and pension fund communications. The delay has implications for financial transparency and could affect future audit schedules. Deloitte, the auditing firm, noted progress but cited pending items that need resolution.

2. Treasury Management Quarterly Update: The report highlighted economic conditions and treasury activities. It was noted that investment balances showed variability and capital expenditure was under forecast due to project deferrals. The committee approved the report, acknowledging the impact of base rate changes on debt and the need for careful future capital management.

3. Draft Internal Audit Plan: The plan for 2024/25 was presented, emphasizing a dynamic approach to selecting audit areas, focusing on income-generating activities. The committee approved the plan, which aims to adapt to organizational changes and enhance operational efficiency.

4. Data Analytics Strategy for Internal Audit: A new strategy was introduced to incorporate data analytics into internal auditing processes. The strategy aims to improve audit efficiency by enabling comprehensive data review through tools like Excel and Power BI before investing in specialized software. The committee noted the strategy, supporting the phased approach to adopting new technologies.

Surprisingly, the meeting revealed significant staffing improvements in the internal audit team, which is expected to enhance audit effectiveness and coverage. This positive development contrasts with the ongoing challenges in external audit timeliness.