The Audit Committee of Torbay Council met on Monday 8 September 2025 to discuss the Annual Governance Statement, the Annual Internal Audit Report, and treasury management. The committee also considered updates on council tax collection, the Statement of Accounts, and the Audit Work Plan.

Annual Governance Statement

The committee was scheduled to review the DRAFT Annual Governance Statement 2024-2025, which explains the council's governance arrangements. The statement assures that the council is meeting its responsibilities.

The draft statement included commentary on:

• The purpose of the governance framework.
• The six core principles of good governance, as defined by the Chartered Institute of Public Finance and Accountancy (CIPFA)¹.
• How the council ensures it delivers value for money.
• How the council monitors the effectiveness of its governance arrangements.
• Significant governance issues.

Annual Internal Audit Report

The committee was scheduled to discuss the Annual Internal Audit Report 24-25 - Audit Committee, which provides an overview of the council's internal audit activity. Internal audits independently assess the council's internal controls, risk management and governance processes.

The report included:

• The opinion of the Head of Internal Audit.
• A summary of the audit work undertaken during the year.
• Performance against the Internal Audit Plan.
• Key issues arising from the audit work.
• The implementation of audit recommendations.

Treasury Management Outturn

The committee was scheduled to review the TM Outturn 24-25 report, which provides details of the council's treasury management activities and performance for the financial year 2024-25. Treasury management refers to the way the council manages its cash flow, borrowing and investments. Appendices 1 and 2 provided further details.

The report covered:

• The economic background to treasury management in 2024-25.
• The council's borrowing strategy and activity.
• Investment performance.
• Compliance with treasury management policies and regulations.

Audit Progress Report and Sector Update

The committee was scheduled to receive an Audit Progress Report and Sector Update, providing an update on the progress of the external audit and any significant developments in the audit sector.

Statement of Accounts Progress Report

The committee was scheduled to receive a Statement of Accounts 24-25 Progress Report. The Statement of Accounts provides a comprehensive overview of the council's financial performance and position.

Performance Update - Collection of Council Tax and NNDR

The committee was scheduled to receive a Performance Update - Collection of Council Tax NNDR 290825 Final. NNDR refers to National Non-Domestic Rates, also known as business rates.

ASC Risk Assurance Report

The committee was scheduled to discuss the ASC Risk Assurance Report, along with Appendix A - ASC Risk Assurance Process - V3 July 2024 and Appendix B - ASW Assurances Annual Assurance Statement.

Work Plan 2025-2026

The committee was scheduled to review the Work Plan 2025-2026, which sets out the committee's planned activity for the year ahead.