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Audit Committee - Monday, 24th June, 2024 4.30 pm

June 24, 2024 View on council website
AI Generated

Summary

The King's Lynn and West Norfolk Council Audit Committee meeting on 24 June 2024 focused on the approval of the annual financial statements, the review of internal audit reports, and the discussion of risk management strategies. Key decisions included the approval of the 2023/2024 financial statements and the endorsement of the internal audit plan for the upcoming year.

Annual Financial Statements

The committee reviewed and approved the 2023/2024 financial statements. The discussion highlighted the council's financial performance, with particular attention to budget variances and the impact of inflation on service delivery costs. Councillors debated the implications of rising costs, with some expressing concern over potential service cuts.

We must ensure that our financial strategies are robust enough to handle the increasing costs without compromising essential services, said one councillor.

Internal Audit Reports

The committee reviewed several internal audit reports, which assessed the effectiveness of various council operations. The reports identified areas for improvement in procurement processes and IT security measures. The committee endorsed the internal audit plan for the upcoming year, which will focus on high-risk areas such as cyber security and contract management.

Our internal audits are crucial for maintaining transparency and accountability within the council, noted a committee member.

Risk Management Strategies

The discussion on risk management strategies centred on the council's approach to mitigating financial and operational risks. The committee examined the current risk register and discussed the need for updated risk assessments in light of recent economic changes. The importance of proactive risk management was emphasised, with councillors advocating for regular reviews and updates to the risk register.

Effective risk management is essential for safeguarding the council's resources and ensuring the continuity of services, stated a councillor.

For more details, you can refer to the public reports pack and the agenda frontsheet for the meeting.

Attendees

James Arrandale
Alexa Baker
Emma Briers
Tracy Brooker
Michelle Drewery
Debbie Gates
Lorraine Gore
Faye Haywood
carl holland
Carl Holland
Oliver Judges
Charlotte Marriott
Nicola Rigby
Teresa Sharman
Lauren Steele
Chris Upton
Mark Whitmore
Heather Northey
Jamie Hay
Profile image for CouncillorBen Jones
CouncillorBen Jones  Member Champion - Youth •  Labour •  North Lynn Ward
Profile image for CouncillorSimon Nash
CouncillorSimon Nash  Independent Member •  West Winch Ward
Profile image for CouncillorTom de Winton
CouncillorTom de Winton  Member Champion - Fire Service •  Local Conservatives •  Brancaster Ward
Profile image for CouncillorFrancis Bone
CouncillorFrancis Bone  Leader of the Labour Group •  Labour •  St Margarets with St Nicholas Ward
Profile image for CouncillorPaul Beal
CouncillorPaul Beal  Independent Partnership •  Hunstanton Ward
Profile image for CouncillorStuart Dark
CouncillorStuart Dark  Local Conservatives •  Snettisham Ward
Profile image for CouncillorBrian Long
CouncillorBrian Long  Leader of the Conservative Group •  Local Conservatives •  Tilney, Mershe Lande and Wiggenhall Ward
Profile image for CouncillorChris Morley
CouncillorChris Morley  Cabinet Member for Finance •  Independent Partnership •  Bircham with Rudhams Ward
Profile image for CouncillorPallavi Devulapalli
CouncillorPallavi Devulapalli  Independent Member •  Airfield Ward
Profile image for CouncillorAlun Ryves
CouncillorAlun Ryves  Independent Partnership •  Methwold Ward
Profile image for CouncillorSteven Bearshaw
CouncillorSteven Bearshaw  Deputy Mayor, Member Champion - Armed Forces •  Independent Partnership •  Clenchwarton Ward

Topics

No topics have been identified for this meeting yet.

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