Purpose

Proposal that the London Borough of Lambeth
and the London Borough of Southwark enter a shared service, led by
Lambeth, for the provision of internal audit services for both
authorities starting in May 2025 for an initial period of up to 5
years.

Decision

1.   
To agree that the London Borough of Lambeth can deliver internal
audit services to the London Borough of Southwark.
 
2.   
To authorise the Corporate Director of Finance, in consultation
with the Director of Legal and Governance, to enter into
arrangements and inter authority agreements with the London Borough
of Southwark for the provision of internal audit services for an
initial period of up to five years starting from June 2025.
 
3.   
To agree the increased expenditure for internal audit from
£721,000 to £1m per year between 2025/26 and
2030/31.