The Audit and Governance Committee of Surrey Council are scheduled to meet to discuss the council's annual statement of accounts, treasury management, and internal audit practices. They will also review the progress of the 'optimisation' programme, and the annual governance statement. The meeting will take place on Wednesday 19 November 2025.

Statement of Accounts and External Audit Report

The committee will be presented with the Audited Statement of Accounts External Audit Report 2024/25, including the Audit Results Report for Surrey County Council and the Surrey Pension Fund. The statement of accounts provides a comprehensive overview of the council's financial performance and position for the financial year.

A draft letter of representation from Surrey County Council and a draft letter of representation from the Surrey Pension Fund will also be provided.

Treasury Management

The committee will receive the Treasury Management Mid-Year Report 2025/26. This report covers the council's treasury management activities, including borrowing, investment, and risk management. It will include commentary from Arlingclose, an independent treasury management advisor, on the external context for treasury management activity, as well as their interest rate and market projections. Treasury management refers to the strategies and practices employed by the council to manage its cash flow, investments, and borrowing activities.

Internal Audit

The committee will discuss the Internal Audit (IA) Progress Report for Quarter 2 of 2025-26, which provides an update on the work of the council's internal audit function. Internal audit is an independent appraisal function established to examine and evaluate an organisation's activities as a service to the organisation.

The committee will also discuss the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice (CoP) for the Governance of Internal Audit in UK Local Government. This includes a self-assessment against the code. CIPFA provides technical guidance and sets standards for local government finance.

Annual Governance Statement

The committee will receive a half-year update on the Annual Governance Statement (AGS) for 2024/25. The AGS is a document that sets out how the council has complied with its own governance arrangements.

Optimisation Programme

The committee will discuss the end of the optimisation phase for Unit 4. The report pack includes the governance model for optimisation, and the close out audit position for optimisation. 'Optimisation' appears to refer to a programme of improvements or efficiencies.

Recommendations Tracker and Work Plan

The committee will review the Recommendations Tracker and Work Plan. This document monitors the implementation of recommendations made by the committee and sets out its work plan for the coming year.