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Governance,
Risk and Control
·
To review
the WMCA’s corporate governance arrangements against the good
governance framework and consider annual governance and assurance
reports.
·
To review
the annual governance statement prior to approval and consider
whether it properly reflects the risk environment and supporting
assurances, taking into account internal
audit’s opinion on the overall adequacy and effectiveness of
the WMCA’s framework of governance, risk management and
control.
·
To consider
the WMCA’s arrangements to secure value for money and review
assurances and assessments on the effectiveness of these
arrangements.
·
To consider
the WMCA’s framework of assurance and ensure that it
adequately addresses the risks and priorities of the
WMCA.
·
To monitor
the effective development and operation of risk management in the
WMCA.
·
To monitor
progress in addressing risk-related issues reported to the
committee.
·
To consider
reports on the effectiveness of internal controls and monitor the
implementation of agreed actions.
·
To review
the assessment of fraud risks and potential harm to the WMCA from
fraud and corruption.
·
To monitor
the counter-fraud strategy, actions and
resources.
·
To receive
additional assurance reports from the Programme Assurance and
Appraisal, Health & Safety, Data Protection and Equalities
teams
Internal
Audit
·
To approve
the Internal Audit Charter.
·
To review
proposals made in relation to the appointment of external providers
of internal audit services and to make recommendations.
·
To approve
the internal audit plan, including internal audit’s resource
requirements, the approach to using other sources of assurance and
any work required to place reliance upon those other
sources.
·
To approve
significant interim changes to the internal audit plan and resource
requirements.
·
To make
appropriate enquiries of both management and the Head of Internal
Audit to determine if there are any inappropriate scope or resource
limitations.
·
To consider
reports from the Head of Internal Audit on internal audit’s
performance during the year, including the performance of external
providers of internal audit services.
These will include:
o
Updates on
the work of internal audit including key findings, issues of
concern and action in hand as a result of internal audit
work;
o
Regular
reports on the results of the quality assurance and improvement
programme;
o
Reports on
instances where the internal audit function does not conform to the
Public Sector Internal Audit Standards and Local Government
Application Note, considering whether the non-conformance is
significant enough that it must be included in the annual
governance statement.
·
To consider
the Head of Internal Audit’s annual report:
o
The
statement of the level of conformance with the Public Sector
Internal Audit Standards and Local Government Application Note and
the results of the quality assurance and improvement programme that supports the statement - these will
indicate the reliability of the conclusions of internal
audit;
o
The opinion
on the overall adequacy and effectiveness of the WMCA’s
framework of governance, risk management and control together with
the summary of the work supporting the opinion - these will assist
the committee in reviewing the annual governance
statement.
·
To consider
summaries of specific internal audit reports as
requested.
External
Audit
·
To consider the external auditor’s
annual letter, relevant reports, and the report to those charged
with governance.
·
To consider specific reports as agreed
with the external auditor.
·
To comment on the scope and depth of
external audit work and to ensure it gives value for
money.
·
To advise and recommend on the
effectiveness of relationships between external and internal audit
and other inspection agencies or relevant bodies.
Financial reporting
·
To receive detailed training in respect
of the process associated with the preparation, sign-off, audit and
publication of the Authority’s annual statement of
accounts.
·
To monitor the on-going progress towards
publication of the Authority’s annual statement of accounts,
ensuring the statutory deadlines are achieved.
·
To obtain explanations for all
significant variances between planned and actual expenditure to the
extent that it impacts on the annual statement of
accounts.
·
To review the annual statement of
accounts. Specifically, to consider whether appropriate accounting
policies have been followed and whether there are concerns arising
from the financial statements or from the audit that need to be
brought to the attention of the Authority.
·
To consider the external auditor’s
report to those charged with governance on issues arising from the
audit of the accounts.
Standards
·
To promote and
maintain high standards of conduct and ethical governance by
Members and co-opted Members of the Authority.
·
To appoint Sub-Committees with delegated
power to consider investigation reports, to conduct hearings
(including the imposition of sanctions), to review decisions of the
Monitoring Officer to take no action on a complaint, and to review
findings of failure to comply with the Code of Conduct and action
taken in respect thereof.
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