Scheme of Administration
SECTION 7
AUDIT COMMITTEE
Constitution1. Seven members, being five Members of the Council and two members appointed from an external source. The Council Members shall comprise the Convener, 1 Member of the Executive and 3 Members not on the Executive (2 from the Administration and 1 from the Opposition).
Chairman
2. The Convener shall be the Chairman of the Committee.
Quorum
3. 3 Elected Members of the Committee shall constitute a quorum.
Functions Referred
4. The following functions of the Council shall stand referred to the Committee:-
* (1) The assessment of the adequacy and effectiveness of systems and procedures in place to ensure good stewardship of the Council's resources.
* (2) The promotion of internal control by the systematic appraisal of the authority's risk management processes, financial procedures and internal control mechanisms.
* (3) The assessment of the adequacy and effectiveness of monitoring arrangements to ensure compliance with relevant standards, codes of practice and corporate governance policies, and the review of the findings of these monitoring arrangements.
(4) The approval of the annual and strategic audit plans.
(5) The monitoring and review of the performance of internal audit.
(6) All matters relating to the implementation of recommendations contained within internal audit reports.
(7) The monitoring of responses to recommendations contained within external audit reports and of the implementation of such recommendations.
Functions Delegated
4. All functions referred to the Committee except those marked * and except as provided in Section II hereof.
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