| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| AU 11/040 |
Declarations of interest. |
There were no declarations of interest made. |
| AU 11/041 |
Minutes |
RESOLVED: That the Minutes of the first meeting of the Audit Committee held on 20 June 2011 be approved as a correct record and signed by the Chairman. |
| AU 11/042 |
Minutes |
RESOLVED: That the Minutes of the second meeting of the Audit Committee held on 20 June 2011 be approved as a correct record and signed by the Chairman. |
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| AU 11/043 |
Treasury Management Mid-Year Review 2011/12 |
The report of the Director of Finance reviewed the 2011/12 Treasury Management Strategy Statement and Annual Investment Strategy. Treasury management activity undertaken during the period April to August 2011 was examined within the context of the national economy and it was noted that there had been full compliance with all the requirements intended to limit the Council's exposure to investment risks. The Committee was advised that the Council's Treasury Management Team was satisfied that the current approach continued to achieve a prudent balance between risk and practicality. Therefore no changes to the Strategy Statement or Investment Strategy were proposed and Members were invited to endorse the action taken by officers in respect of treasury management activity thus far in the current financial year. RECOMMENDED: That (1) it be noted that no changes are considered necessary to the 2011/12 Treasury Management Strategy Statement and Annual Investment Strategy; and (2) the action taken by officers in respect of treasury management activity for the period April to August 2011 be endorsed. *Referred to Council |
| DECISIONS TAKEN UNDER DELEGATED POWERS IN ACCORDANCE WITH PARAGRAPH 3 (OR 2), PART 3 OF THE CONSTITUTION | ||
| AU 11/044 |
Audit Commission - Proposed Work Programme and Scales of Fees 2012/13 |
The report of the Director of Finance informed the Committee of the Audit Commission's Proposed Work Programme and Scales of Fees for 2012/13. It was noted that the Commission intended to reduce the total audit fees by 10% from the published 2011/12 scale of fees. Mr T Greenlee explained that the Commission was currently undertaking an exercise to outsource the work of the in-house audit practice and the procurement timetable anticipated the new auditor appointments to be in place by 1 September 2012 for the 2012/13 audit year. It was hoped that the exercise would realise further reductions in the cost of audit and the final work programme and scales of fees would be published in April 2012 on completion of the procurement. RESOLVED: That the contents of the Audit Commission's document and the anticipated reduction in fees be noted. |
| MATTERS SUBMITTED FOR INFORMATION | ||
| AU 11/045 |
Annual Governance Report and Statement of Accounts 2010/11 |
The Director of Finance reported on the outcome of the audit of the Council's Accounts for 2010/11. It was noted that there were no material or significant issues that needed to be brought to the attention of the Committee following the audit. A copy of the District Auditor's Annual Governance Report for 2010/11 was also received together with a schedule of financial and textual changes made to the Accounts following the audit. Members were advised that the General Purposes Committee at its meeting on 5 September 2011 had authorised the Chairman to re-sign the Accounts following which the District Auditor had issued an unqualified opinion. In introducing the Annual Governance Report, Mr Greenlee commented that it contained favourable messages in a particularly difficult year which was a credit to the Director of Finance and her team. This sentiment was endorsed by Members. RESOLVED: That the report be received and noted. |
| AU 11/046 |
Update on the Work of Internal Audit 2011/12 |
The report of the Chief Internal Auditor provided an update on the work being undertaken by the Internal Audit Section during the current year, there having been a move from a three year to a one year plan formulated from a risk based assessment. Reference was made to a number of changes in the way in which the Section worked, the partnership arrangement with Gravesham Borough Council and a revision of the format for reporting audit field work, a summary of which was annexed to the report. Members recorded their appreciation of the work of the Internal Audit team. RESOLVED: That the report be received and noted. |
| AU 11/047 |
Review of Operational Risk Registers - June 2011 |
The report of the Director of Finance updated the Committee on the results of a review of the Council's Operational Risk Registers carried out in June 2011. Attention was drawn to the clarification of the nature and likelihood of risk in the presentation of the report. It was noted that there had been a slight movement in the levels of risk reported in the low and medium categories and a reduction in the number of risks previously reported in the high categories, details of which were contained in the Annex to the report. RESOLVED: That the report be received and noted. |
| MATTERS FOR CONSIDERATION IN PRIVATE | ||
| AU 11/048 |
Exclusion of Press and Public |
The Chairman moved, it was seconded and RESOLVED: That as public discussion would disclose exempt information, the following matters be considered in private. |
| PART 2 - PRIVATE | ||
| MATTERS SUBMITTED FOR INFORMATION | ||
| AU 11/049 |
Insurance Claims History: April 2011 - September 2011 (Reason: LGA 1972 Sch 12A Para 3 - Financial or business affairs of any particular person) |
The Director of Finance reported on the nature and volume of liability and property damage insurance claims submitted during the period April - September 2011. RESOLVED: That the report be received and noted. |