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.