Regulation 5(1) of the Accounts and Audit Regulations 2015 says a relevant authority must, ‘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.’
The Governance and Accountability for Smaller Authorities in England Practitioners Guide, provides non-statutory ‘guidance’ referred to in Regulation 5(1), and needs to be taken into account by smaller authorities in undertaking an effective internal audit.
Internal auditing is an independent, objective assurance activity designed to review and report to the authority on whether its systems of financial and other internal controls over its activities and operating procedures are effective. It must be independent from the management of the financial controls and procedures of the authority which are the subject of review.
The person appointed to carry out internal audit must be competent to carry out the role in a way that meets the business needs of the authority. It is for each authority to decide, given its circumstances, what level of competency is appropriate, and to keep this issue under review.
Edenbridge Town Council internal audit is carried out twice year.
• April/May to coincide with the end-of-year accounts;
• October/November a review of Council procedures and administration.
Copies of the internal auditors reports are received by the Finance and Governance Committee, before being published below.