Audit Committee

Wednesday 27 June 2007 at 3.00 pm

Present:  Provost McCormick, Councillors Ahlfeld, Blair, Brooks, Moran (for Dorrian), Ferguson, Fyfe and McCallum.

Chair:  Councillor Blair presided.

In attendance:  Corporate Director Improvement and Performance, Head of Finance, Interim Chief Internal Auditor and Mr G Douglas (for Head of Legal and Administration).

Present Also:  Mr P Tait and Ms E Boyd, Audit Scotland.

Apologies:  Councillors Dorrian and MacLeod.

The following paragraphs are submitted for information only, having been dealt with under the powers delegated to the Committee.

441

Internal Audit Annual Report and Assurance Statement 2006/07

441

There was submitted a report by the Corporate Director Improvement and Performance appending the Internal Audit Annual Report and Assurance Statement for 2006/07 which will form part of the Council’s Statement on the System of Internal Financial Control.

Decided:  that the Internal Audit Annual Report and Assurance Statement for 2006/07 be noted.

442

Risk Management Annual Report

442

There was submitted a report by the Corporate Director Improvement and Performance presenting to the Committee, as part of the Corporate Governance Framework, the annual report on progress made in 2006/07 in developing and monitoring a strategic approach to managing risks faced by the Council.

Decided:  that the Committee note the progress made in 2006/07 in developing, implementing and monitoring a coherent corporate approach to managing risks faced by the Council and the actions required to maintain this level of progress during 2007/08.

443

Draft Statement on the System of Internal Financial Control

443

There was submitted a report by the Corporate Director Improvement and Performance appending the draft Statement on the System of Internal Financial Control (“SSIFC”) 2006/07.

Decided:  that the Committee approve the draft Statement on the System of Internal Financial Control 2006/07.

444

Internal Audit Operational Plan for the First Six Months of 2007/08

444

There was submitted a report by the Corporate Director Improvement and Performance appending the Internal Audit Operational Plan for the first six months of 2007/08.

Decided:

(1) that the Committee approve the Internal Audit Operational Plan for Inverclyde Council for the first six months of 2007/08;  and

(2) that the Committee note the intention to submit an Internal Audit Operational Plan for the final six months of 2007/08 in due course.

445

Risk Management Strategy

445

There was submitted a report by the Corporate Director Improvement and Performance requesting the Committee to approve the draft Risk Management Strategy for Inverclyde Council which aims to support Members in discharging their responsibility for reviewing the effectiveness of risk management within the Council.

Decided:  that the Committee approve the draft Risk Management Strategy for Inverclyde Council appended to the report.

446

Financial Regulations Review

446

There was submitted a report by the Head of Finance requesting the Committee to approve the revised Financial Regulations appended to the report for submission to the first meeting of The Inverclyde Council following the summer recess.

Decided:

(1) that the Committee approve the Financial Regulations appended to the report subject to appropriate renumbering of the document to ensure that the section on Corporate Governance is included at an earlier stage; and

(2) that it be remitted to the Head of Finance to submit the revised Financial Regulations to the first meeting of The Inverclyde Council following the summer recess.

447

2006/07 Draft Annual Accounts

447

There was submitted a report by the Head of Finance requesting the Committee to review the 2006/07 Draft Annual Accounts, copies of which had been circulated separately to Members.

Decided

(1) that the 2006/07 Draft Annual Accounts be approved for onward transmission to Audit Scotland;  and

(2) that the Committee record its appreciation of the work undertaken by the Head of Finance and his staff in compiling the Accounts and in achieving the improved performance in respect of debt recovery.