The purpose of
this Committee is to provide independent and high-level focus on
the adequacy of governance, risk, finance, and control
arrangements. Towards this purpose, its role is to:
(a)
ensure there is sufficient assurance over governance risk and
control and provide reports to full Council on the effectiveness
and adequacy of these arrangements;
(b)
have oversight of both internal and external audit together with
the financial and governance reports, helping to ensure that there
are adequate arrangements in place for both internal challenge and
public accountability, and
(c)
through a and b above, give greater confidence to all those charged
with governance for Kent County Council that its arrangements are
effective and reporting to full Council or other Committees as
necessary where the Committee has concerns that these arrangements
are not effective; and
(d)
through an annual report, ensure that the County Council is sighted
on the activity of the Committee alongside the importance of
financial probity, good governance and learning lessons from audit
activity.
The Governance and
Audit Committee is responsible for the following:
(a)
monitoring the development and operation of governance, risk
management and internal control frameworks, financial reporting
arrangements, and internal and external audit functions in the
Council,
(b)
oversight of the Council’s corporate governance framework to
ensure it meets recommended practice, is embedded across the whole
Council and is operating consistently throughout the year,
(c)
oversight of the Council’s framework of assurance, to ensure
that it adequately addresses the risks and priorities of the
Council,
(d)
oversight of the Council’s Internal Audit function, including
review of the internal audit charter, and reviewing assurances that
it is independent of the activities it audits, is effective, has
sufficient experience and expertise and the scope of work to be
carried out is risk-based, and appropriate,
(e)
reviewing the annual audit plan and considering reports from the
Head of Internal Audit on internal audit’s performance during
the year, including the performance of any external providers of
internal audit services,
(f)
oversight of the appointment and remuneration of external auditors
to ensure they are approved in accordance with relevant legislation
and guidance, and the function is independent and objective,
(g)
monitoring the effectiveness of the external audit process, to help
ensure that it is of appropriate scope and depth, and gives value
for money taking into account relevant professional and regulatory
requirements, and is undertaken in liaison with Internal Audit,
(h)
considering the external auditor’s annual letter/report, and
any other specific reports by, and with the agreement of, the
external auditors,
(i)
monitoring the arrangements and preparations for financial
reporting to ensure that statutory requirements and professional
standards can be met,
(j)
receiving reports on the effectiveness of financial management
arrangements, including compliance with the Financial Management
Code,
(k)
monitoring the Council’s arrangements to secure value for
money and reviewing assurances and assessments on the effectiveness
of these arrangements,
(l)
considering reports on the effectiveness of internal controls and
monitor the implementation of agreed actions,
(m)monitoring
any public statements in relation to the Council’s financial
performance to help ensure they are accurate, and the financial
judgements contained within those statements are sound,
(n)
reviewing assurances that accounting policies are appropriately
applied across the Council,
(o)
monitoring the robustness of the Council’s counter-fraud
arrangements, including the assessment of fraud risks, backed by
well designed and implemented controls and procedures which define
the roles of management and Internal Audit,
(p)
reviewing assurances that the Council monitors the implementation
of the whistle-blowing policy and Bribery Act policy to ensure that
they are adhered to at all times,
(q)
reviewing assurances that the Council has appropriate governance
arrangements in place to manage the relationship between the
Council and significant partnerships or collaborations, as well as
any company in which the Council has majority control,
(r)
reviewing assurances that the Council has appropriate arrangements
in place to ensure that the commercial opportunities and risks
presented through company ownership are managed effectively,
(s)
oversight of the Executive’s shareholder strategy regarding
companies in which the Council has an interest,
(t)
review and approval of the Statement of Accounts, with related
reports, and Annual Governance Statement, and ensure that they
properly reflect the risk environment and supporting assurances of
the Council, and
(u)
reporting to full Council for assurance on the Accounts and Annual
Governance Statement approval and where appropriate on the
Committee’s performance in relation to the terms of reference
and the effectiveness of the Committee in meeting its purpose.