| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| AU 11/001 |
Declarations of interest. |
There were no declarations of interest made. |
| AU 11/002 |
Minutes |
RESOLVED: That the Minutes of the meeting of the Audit Committee held on 12 October 2010 be approved as a correct record and signed by the Chairman. |
| MATTERS FOR RECOMMENDATION TO THE CABINET | ||
| AU 11/003 |
Treasury Management Strategy Statement and Annual Investment Strategy for 2011/12 |
The report of the Director of Finance invited the Committee to consider a number of amendments to the Council's investment parameters and to review and recommend adoption of the Treasury Management Strategy Statement and Annual Investment Strategy for 2011/12. Details were given of proposed amendments to the current investment parameters in order to ensure that an adequate number of counterparties were available with whom to invest, to simplify the existing arrangements and provide a common approach to both internally and externally managed funds. In addition a rationalisation of the approach to reporting treasury management activity was suggested involving the receipt of high level information on performance by the Finance and Property Advisory Board and more detailed scrutiny of activity reports by the Audit Committee. RECOMMENDED: That (1) the investment parameters and reporting arrangements for 2011/12 be amended as outlined in paragraphs 1.2.2 to 1.2.5 of the report; and (2) the Treasury Management Strategy Statement and Annual Investment Strategy for 2011/12, as set out at Annex 1 to the report, be adopted. |
| AU 11/004 |
Anti-Fraud Policies |
Consideration was given to the report of the Director of Finance reviewing the Anti-Fraud Policy and Housing and Council Tax Benefit Anti-Fraud Policy which were designed to set out the Council's zero tolerance approach to fraud and corruption and promote the anti-fraud culture of the organisation. Reference was made to the partnerships with Gravesham Borough Council in respect of management of the Audit Section and Benefit Investigation Section and the joint review undertaken to provide consistent policies applicable to both authorities. Updated drafts of the Anti-Fraud Policies were annexed to the report and it was noted that these had been considered by the Policy Overview Committee on 18 January 2011 and commended for adoption. RECOMMENDED: That the updated Anti-Fraud and Corruption Policy and Housing and Council Tax Benefit Anti-Fraud Policy, as set out at Annexes 1 and 2 to the report, be endorsed for adoption. |
| AU 11/005 |
Review of Anti Money Laundering Policy |
The Director of Finance invited the Committee to consider two minor administrative amendments to the Council's Anti Money Laundering Policy. RECOMMENDED: That the minor administrative changes outlined in the report be endorsed and the updated policy be commended for adoption by the Council. |
| MATTERS SUBMITTED FOR INFORMATION | ||
| AU 11/006 |
Audit Commission Annual Audit Letter |
The Chief Executive reported receipt of the Audit Commission's Annual Audit Letter summarising the findings following the audit of the 2009/10 financial statements and the assessment of the arrangements in place to secure economy, efficiency and effectiveness in the use of resources. Mr A Mack, District Auditor, introduced the Letter and it was noted that he had issued an unqualified opinion on the Statement of Accounts and had commented on the high standard of the statement and working papers. In terms of value for money the District Auditor had acknowledged that the Council had continued to perform strongly across all areas reviewed demonstrating excellent financial management, robust governance arrangements and good use of its resources. Members welcomed the letter as an independent validation of the Council's policies and the professional work of its officers together with the acknowledgement of its stewardship of public funds and value for money. RESOLVED: That the report be received and noted. |
| AU 11/007 |
Follow Up to Previous Housing Reports |
Further to Minute AU 10/049, the Chief Internal Auditor reported the outcome of further discussions with the Housing Service to agree a realistic time-frame for improving the level of assurance in respect of a number of internal audit investigations. It was noted that there had been a significant improvement in the procedures relating to Housing although there were still a number of areas where recommendations had not yet been completed in full. The Chief Housing Officer attended the meeting to explain action being taken and answer Members' questions. The Committee was advised that certain proposed amendments to practice would be reported to the Strategic Housing Advisory Board in February. Members thanked the Chief Internal Auditor and the Housing team for the improvements being achieved and requested that the matter continue to be scrutinised and reported back in due course in the light of the significant changes proposed by the Government in the housing field. RESOLVED: That the report be received and noted. |
| AU 11/008 |
Update on Audits Completed During 2010/11 |
The report of the Chief Internal Auditor provided a summary of the outcome of audits completed during 2010/11 that had not previously been reported to Members. It was confirmed that no minimal opinions had been given and it was not considered that there were any matters raised within the audits that would have a material effect on the accounts of the Council. RESOLVED: That the report be received and noted. |
| AU 11/009 |
Review of Operational Risk Registers - June 2010 |
The report of the Director of Finance updated the Committee on the results of a review of the Council's Operational Risk Registers which had been carried out in June 2010. It was noted that whilst the movement of risk between low and medium had reversed slightly, there had been an increase in the number of activities/objectives identified as high risk, details of which were noted in the annex to the report. RESOLVED: That the report be received and noted. |
| AU 11/010 |
Audit Commission - Proposed Work Programme and Scales of Fees 2011/12 |
The report of the Director of Finance informed the Committee of the Audit Commission's proposed work programme and scales of fees for 2011/12. Mr Mack explained the approach and highlighted a proposed reduction in district council audit fees of 5 per cent reflecting the new approach to local value for money audit work and a reduction in the ongoing audit costs associated with the introduction of International Financial Reporting Standards. Members welcomed the reduction in fees and requested that opportunities be explored for reducing costs further to enable the Council to maximise funds available for front line services. RESOLVED: That the report be received and noted. |
| MATTERS FOR CONSIDERATION IN PRIVATE | ||
| AU 11/011 |
Exclusion of Press and Public |
No items were considered in private. |