This meeting was scheduled to receive updates from the Council's internal and external auditors about their work and to consider the effectiveness of the Council's Anti-Bribery and Money Laundering Prevention measures. It was also scheduled to review the effectiveness of the Audit Committee and to consider the new Global Internal Audit Standards (GIAS).

External Audit Update

This part of the meeting was scheduled to receive an update on the audit of the Council's accounts for 2022/23 and 2023/24.

The 2022/23 accounts were scheduled to be discussed following their publication in June 2023. It was noted in the report pack that Ernst & Young LLP (EY), who audit the Council's accounts, had not commenced a full audit of the accounts and it was anticipated that they would issue a ‘disclaimer’ opinion on the accounts. They were scheduled to provide a statement confirming that the Council was ready and willing to be audited.

The 2023/24 accounts were scheduled to be discussed following their publication in June 2024. EY were scheduled to attend the meeting and to present a draft of their final Audit Results Report. The report pack contained a draft of the Council's Statement of Accounts for 2023/24, which had been signed by the Executive Director of Finance, Fenella Merry.

Internal Audit Update

This part of the meeting was scheduled to review the progress of the Internal Audit team against the Council's Internal Audit Plan. It was scheduled to focus on the most significant issues that were identified during the audits.

The Internal Audit team were scheduled to report that they had completed 46% of their planned work. In particular, the meeting was scheduled to receive the reports on audits of:

• All Saints Co-op
• Patmore Co-op
• Care UK

The Committee was also scheduled to review the progress that had been made by management in addressing the issues that were identified in the following audits for which a 'No Assurance' or 'Limited Assurance' opinion had previously been awarded:

• Chief Executive's Group: Storage of Deeds & Contracts
• Childrens’ Services: Bradstow School and St Josephs RC Primary
• Housing & Regeneration: Fire Safety and Wimbledon Park Co-op (Western Area)
• Finance: Corporate Health and Safety
• Change & Innovation: Third Party Risk Management

Anti-Bribery and Money Laundering Prevention Measures

The report pack contained an Anti-Bribery Code and an Anti-Money Laundering Code, which were included for information. The meeting was scheduled to note that these codes had been reviewed and updated. In particular, the Money Laundering Code was updated in response to the introduction of a new ‘failure to prevent fraud’ offence under Section 199 of the Economic Crime and Corporate Transparency Act 2023. This new law is intended to encourage companies to take action to prevent fraud from taking place.

The Committee was scheduled to note that “The Council’s arrangements are currently proportionate to the risks associated with bribery and the prevention of money laundering, and comply with Government Guidance.”

Review of Audit Committee Effectiveness and the New Global Internal Audit Standards (GIAS)

The meeting was scheduled to consider a report of the findings of an external review of the effectiveness of the Audit Committee that was undertaken in June 2024. The review measured the Audit Committee’s performance against CIPFA's Audit Committees Position Statement 2022.

The review found that the Committee was ‘good’ at complying with CIPFA's recommendations. The meeting was scheduled to consider a number of recommendations that were intended to further improve the committee’s performance.

The report pack also provided information about the new Global Internal Audit Standards, which are scheduled to be implemented in April 2025. The report pack contained a summary of the most significant changes.