The Audit and Risk Management Panel met on Tuesday 22 September 2026. The Panel reviewed the minutes of the previous meeting held on 21 July 2026 and noted the current status of actions.

Audit Strategy Memorandum 2025/26

The Panel reviewed the 2025/26 external Audit Strategy Memorandum for the authority and the Pension Fund. This memorandum, provided by external auditors Forvis Mazars, outlines the planned scope and timing of the audits, including identified risks and proposed fees. The auditors confirmed their independence from the Royal Borough of Greenwich. The strategy detailed the audit approach, which is risk-based and focuses on areas with a higher risk of material misstatement. Significant risks identified included management override of controls, the valuation of the net defined pension liability, and the valuation of property, plant, and equipment. The audit scope, approach, and timeline were also outlined, with planning and risk assessment taking place from April to June 2026, fieldwork from July to December 2026, and completion in January 2027.

Draft Statement of Accounts 2025/26

The Panel considered and commented on the authority's draft Statement of Accounts for the year ended 31 March 2026, including the Pension Fund Accounts. These accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) and the Code of Practice on Local Authority Accounting in the UK. The draft accounts were submitted to Forvis Mazars for audit on 3 July 2026. The inspection period for the accounts, allowing for public rights, is from 6 July 2026 to 14 August 2026. The report detailed the structure of the Statement of Accounts, including the primary financial statements (Comprehensive Income and Expenditure Statement, Movement in Reserves Statement, Balance Sheet, Cash Flow Statement) and various notes and additional statements. The narrative report highlighted the council's performance and financial position, noting significant pressures from government policy and demographic trends, alongside capital investments totalling £290m in 2025/26, with £214m allocated to housing. The report also detailed the Housing Revenue Account and pension liabilities, with the Pension Fund's funding level assessed at 118% at the most recent triennial valuation.

Treasury Management and Capital Outturn 2025-26

The Panel reviewed the Treasury Management Outturn and Capital Outturn Reports for 2025/26. The Treasury Management Outturn report summarised the council's treasury management activities, confirming compliance with the CIPFA Treasury Management code. It highlighted that the council's total debt had decreased, and investment returns remained robust despite a reduction in Bank Rate. Security and liquidity were prioritised, with investments primarily in the Debt Management Account Deposit Facility and call accounts, maintaining a short duration portfolio. The Capital Outturn report detailed capital investments totalling £290m in 2025/26, with 74% allocated to housing-related schemes. Significant investments were made in new homes, improvements to existing stock, temporary accommodation, town centre regeneration, and education facilities. The report also outlined the financing of the capital programme through grants, capital receipts, revenue contributions, and borrowing.

Royal Borough of Greenwich Strategic Risk Register

The Panel reviewed the Council's Strategic Risk Register. This register identifies key risks threatening the Council's plans and strategies, along with existing controls and mitigating actions. The register is owned by the Greenwich Management Team (GMT), with each risk assigned to a designated Director. GMT regularly scrutinises the register to ensure it accurately reflects the current risk environment, the reasonableness of risk evaluations, the effectiveness of controls, and progress on mitigation actions. No new or escalated risks were identified for inclusion in this review cycle. The report also included a Risk Dashboard and Risk Profile, providing visual representations of risk assessments, control effectiveness, and action status.

Internal Audit and Anti-Fraud Q1 2026/27 Performance

The Panel received an update on the Internal Audit and Anti-Fraud performance for the first quarter of 2026/27. The Head of Audit highlighted pressures from resourcing and the number of incomplete audits from the previous year. A priority was to revise the audit plan to focus on key risks and emerging threats, with a review of the operating model and methodologies. The Head of Audit noted the aspiration for an external quality assurance against the Global Internal Audit Standards in the following year. Members were encouraged to undertake the anti-fraud awareness training available to staff. The Director of Finance assured the Panel that recruitment was underway and interim support was in place to deliver the audit plan, with a focus on making the plan more risk-based. The Panel noted the update and the ongoing improvement activity for the internal audit service.

The meeting also noted the minutes of the previous meeting and the action log. The minutes of the meeting held on 21 July 2026 were agreed and signed as a true and accurate record. The current status of actions, as set out in Appendix 1, was noted. The Internal Audit and Anti-Fraud quarter one (1st April to 30th June) performance update against the agreed 2026/27 planned activity and updates on progress on improvement activity were noted. The Treasury Management Mid-Year Report for 2026/27 and the Capital Mid-Year Report for 2026/27 were noted.