Agenda and minutes

Audit & Regulatory Committee - Wednesday, 20th September, 2023 6.30 pm

Venue: Board Room, Pavilion Gardens, Buxton

Contact: Rache Rourke Telephone 01298 28400 Ext. 2139  Email: rachel.rourke@highpeak.gov.uk

Items
No. Item

24/13

To receive Disclosures of Interest on any matters before the Committee

 

 i)

Disclosable Pecuniary Interests

ii)

Other Interests.

 

Minutes:

There were no declarations made.

24/14

To approve the Minutes of the previous meeting pdf icon PDF 239 KB

Minutes:

RESOLVED:

 

That the minutes of the meeting held on 21 June 2023 be approved as a correct record.

 

24/15

Update on 21/22 Audit (External Audit)

Minutes:

It was reported that the pension issue had been resolved and concluded and that the opinion would be signed later in the week.  The updated pensions liabilities were reflected in the statements as a technical accounting entry.  There would be no impact on the Council’s accounts.

 

RESOLVED:

 

That the update be noted.

24/16

Annual Treasury Management Supplementary Report 2022-23 pdf icon PDF 218 KB

Additional documents:

Minutes:

The supplementary report fulfilled the requirements of the Annual Treasury Management report in accordance the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on Treasury Management and generally accepted good practice, reporting elements which were not available at the time of the report’s original writing and presentation. The supplementary report should therefore be read in conjunction with the Annual Treasury Management report 2022/23, presented to the Audit and Regulatory Committee on 21 June 2023.

 

Discussion took place with regards to the risk assessment contained in the report and the need to ensure procedures were followed.

 

RESOLVED:

 

That the Supplementary Annual Treasury Management Report 2022/23 be recommended to Council for approval.

 

24/17

Treasury Management Update pdf icon PDF 220 KB

Additional documents:

Minutes:

The purpose of the report was to allow the robust scrutiny of the Council’s Treasury Management performance in 2023/24 in compliance with the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on Treasury Management and generally accepted good practice.

 

The Committee considered investments and borrowing levels, the level of Environmental, Social and Governance (ESG) investments, the accuracy of interest rate projections and volatility in PWLB rates.

 

RESOLVED:

 

Thatthe Treasury Management position as at 31st August 2023 be noted.

 

24/18

Risk Management Strategy pdf icon PDF 316 KB

Additional documents:

Minutes:

The report presented for approval the updated Risk Management Strategy, which set the Council’s risk tolerance threshold for both positive and negative risks.  Discussion took place with regards embedding risk management into the culture of the Council, the overall measurement of risk and the oversight of council controlled companies.  It was reported that this was monitored via representation on each board, key performance indicators and regular scrutiny at the Council’s select committees.

 

RESOLVED:

 

That the revised Risk Management Strategy as detailed at Appendix 1 of the report be approved.

24/19

Internal Audit Periodic Report June to August 2023 pdf icon PDF 136 KB

Additional documents:

Minutes:

24/20

Internal Audit - Annual Report 2022/23 pdf icon PDF 244 KB

Additional documents:

Minutes:

The Accounts and Audit Regulations 2015 required the Council to “undertake an effective internal audit to evaluate the effectiveness of its risk management, control and governance processes, taking into account public sector internal auditing standards or guidance”. In accordance with the Public Sector Internal Audit Standards, the Head of Audit must deliver an annual internal audit opinion and report that can be used by the organisation to inform its governance statement.

 

Consideration was given to the time profile of audits completed and arrangements for ensuring audit recommendations were implemented.

 

RESOLVED:

 

1.     That the Audit Service’s 2022/23 year end performance information contained within the report be noted.

 

2.     That the opinion on the overall adequacy and effectiveness of the Council’s internal control environment be noted.

 

24/21

2022/23 Annual Review of the Effectiveness of Internal Audit pdf icon PDF 142 KB

Additional documents:

Minutes:

The Accounts & Audit Regulations 2015 required the Council to, each financial year, conduct a review of the effectiveness of the system of internal control, and that the findings of the review must be considered by a committee or by members of the authority meeting as a whole. An annual review of the effectiveness of Internal Audit to demonstrate conformance with the Public Sector Internal Audit Standards and Local Government Application Note forms part of the review.

 

The Committee discussed the external quality assessment undertaken and the opinion provided and how the service can further improve.

 

RESOLVED:

 

That the annual review of the effectiveness of Internal Audit for 2022/23 including the Quality Assurance and Improvement Programme and that Internal Audit is operating effectively and can be relied upon when considering the Annual Governance Statement for 2022/23 be noted.

 

24/22

Work Programme pdf icon PDF 145 KB

Minutes:

RESOLVED:

 

That the work programme be noted.