The remit of the Audit Committee is:
To ensure that the authority’s assurance statements, including the annual governance statement, properly reflect the risk environment and any actions required to improve it.
In relation to the authority’s internal audit functions:
To consider the effectiveness of the authority’s risk management arrangements and the control environment, reviewing the risk profile of the organisation and assurances that action is being taken on risk-related issues, including partnerships and collaborations with other organisations
To monitor the effectiveness of the control environment, including arrangements for ensuring value for money, supporting standards and ethics and for managing the authority’s exposure to the risks of fraud and corruption
To consider the reports and recommendations of external audit and inspection agencies and their implications for governance, risk management or control
To support effective relationships between external audit and internal audit, inspection agencies and other relevant bodies, and encourage the active promotion of the value of the audit process
To review the financial statements, external auditor’s opinion and reports to members, and monitor management action in response to the issues raised by external audit.
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