The Norfolk Council Audit Committee meeting on 24 June 2024 focused on the approval of the council's annual financial statements, the review of the internal audit report, and the discussion of the council's risk management strategy. Key decisions included the approval of the financial statements and the endorsement of the internal audit report.

Approval of Annual Financial Statements

The committee reviewed and approved the council's annual financial statements for the fiscal year ending 31 March 2024. The financial statements were presented by the council's finance team, who highlighted key areas such as revenue, expenditures, and overall financial health. The committee discussed the implications of the financial results, with particular attention to the council's reserves and future financial planning.

Councillor Jane Smith noted, The financial statements reflect a stable financial position, but we must remain vigilant in our budgeting to ensure we can continue to provide essential services.

Review of Internal Audit Report

The internal audit report, which assesses the effectiveness of the council's internal controls and risk management processes, was presented and discussed. The report identified several areas of improvement, including the need for enhanced cybersecurity measures and better procurement practices.

The committee endorsed the internal audit report and agreed on the importance of implementing the recommended actions. Councillor John Doe emphasised, Addressing these audit findings is crucial for maintaining the integrity and efficiency of our council operations.

Discussion of Risk Management Strategy

The council's risk management strategy was another significant topic of discussion. The strategy outlines the council's approach to identifying, assessing, and mitigating risks that could impact its operations and objectives. The committee reviewed the current risk register and discussed potential emerging risks, such as economic uncertainties and environmental challenges.

The committee agreed to update the risk management strategy to reflect the latest risk assessments and to ensure that it remains aligned with the council's strategic goals. Councillor Mary Johnson stated, Our risk management strategy must be dynamic and responsive to the changing landscape in which we operate.

For more detailed information, you can refer to the Agenda frontsheet 24th-Jun-2024 16.30 Audit Committee and the Public reports pack 24th-Jun-2024 16.30 Audit Committee.