The Audit and Risk Management Committee of the City of London Council met on Monday 6 July 2026. The meeting's agenda included a review of the previous meeting's minutes, an update on outstanding actions, and the committee's work programme. Key items for discussion were the Annual Report of the Audit and Risk Management Committee, a Risk Management Update, and an update on the implementation of Internal Audit recommendations. The committee was also scheduled to consider the draft Statement of Accounts for the City Fund and Pension Fund for the 2025/26 financial year.

Annual Report of the Audit and Risk Management Committee

The committee was scheduled to consider the Annual Report of the Audit and Risk Management Committee for the 2025/26 period, as presented by the Group Chief Internal Auditor. This report details the committee's activities and oversight across its key remit areas, including the Annual Governance Framework, Internal Audit, Risk Management, Counter-Fraud, External Audit, and Financial Reporting. The report was presented for decision, indicating that the committee was expected to formally agree its contents before onward submission to the Court of Common Council.

Risk Management Update

A report from the Chief Strategy Officer was scheduled to provide an update on risk management activities. This included information on the ongoing review of the risk appetite, emerging and geopolitical risks, and officer risk training. The report also detailed the current corporate and departmental risk registers, noting any changes since the previous update. Appendix 1 of this report contained a detailed corporate risk register, while Appendix 2 provided a summary of departmental red risks. Appendix 3, which was non-public, focused on the Risk Appetite Update.

Internal Audit Recommendations Implementation Update

The committee was set to receive an update from the Group Chief Internal Auditor regarding the implementation status of internal audit recommendations. This report aimed to provide assurance on the progress made by departments in addressing recommendations from previous internal audits. It was expected to detail which recommendations had been closed and which remained outstanding, along with the reasons for any delays.

City Fund and Pension Fund Draft Statement of Accounts 2025/26

The Chamberlain was scheduled to present the draft Statement of Accounts for the City Fund and Pension Fund for the 2025/26 financial year. This report was for information, indicating that the committee would be reviewing the draft accounts and noting the progress made on their publication and external audit. The statutory deadline for the conclusion of the audit was 30 September 2026, with a backstop date of 31 January 2027. The report highlighted that the City of London Corporation had cleared all prior year audits, and an audit opinion was anticipated by the September deadline.

Other Scheduled Discussions

The agenda also included the approval of the public minutes and non-public summary of the previous meeting held on 11 May 2026. Members were asked to note the Committee's Outstanding Actions List and its Work Programme for the upcoming period. The meeting also included provisions for members to declare any interests relevant to agenda items and for any other urgent business to be considered. A motion was scheduled to exclude the public for the discussion of non-public agenda items, which included non-public minutes, a non-public appendix to the Risk Management Update, and a review of the Risk Appetite Statement.