External Member of Audit and Risk Management Committee
External Member of Audit and Risk Management Committee
Term of Appointment: April 2021 - April 2024
The City of London Corporation provides local government services for the financial and commercial heart of Britain – the ‘Square Mile’. It is committed to maintaining and enhancing the status of the business City as the world’s leading international financial and business centre through the policies it pursues and the high standard of services it provides.
The City Corporation is currently seeking to appoint an External Member to join the Audit and Risk Management Committee and Independent Audit Appointment Panel (IAAP). The responsibilities of the Committee are as follows:
- to oversee all systems, controls and processes that may have an impact on the Corporation’s ability to meets its vision and deliver its strategy and obligations, providing an appropriate level of challenge and perspective in your interaction with Corporation officers and the broader Committee;
- to review the annual financial statements before submission to Finance Committee for approval;
- and to ensure that effective audit functions are in place both internal and external; adequate risk management processes are in place and followed; and an adequate internal control environment is established; and,
- appoint an external auditor for the audit of City of London Corporation accounts.
The Committee carries out the following areas of work:
- Consider and approve the annual internal and external audit plans;
- Receive reports from the Head of Audit and Risk Management, and request additional reports where necessary, on the extent to which the City of London Corporation can rely on its system of internal control, and provide reasonable assurance that the City of London Corporation’s objectives will be achieved effectively;
- Prior to the presentation to the Court, consider the audited annual accounts of the local authority funds, pension fund, various non-local authority funds and the Annual Governance Statement. Receive and consider the formal reports, letters and recommendations of the City of London Corporation’s external auditors and make recommendations relating to the approval of the accounts (to the Finance Committee);
- Meet with the external auditors of the City Fund and the various non-local authority funds at least once in each calendar year, and with the Head of Internal Audit in respect of internal controls, in closed session;
- Report back as necessary to the Court of Common Council.
- Monitor and oversee the City of London Corporation’s risk management strategy and to be satisfied that the authority’s assurance framework properly reflects the risk environment;
- Consider all audit or external inspection reports relating to any department at the City of London Corporation and seek assurance that action has been taken where necessary;
- Receive an annual report from the Chamberlain reviewing the effectiveness of the City of London’s risk management strategy;
- Participate in monthly risk challenge sessions with Chief Officers to discuss Departmental Risk Registers and challenge departmental risk management arrangements.
Counter Fraud and Resilience
- Ensure that appropriate counter fraud, defence and resilience activities are in place.
Responsibilities of the role in the Independent Audit Appointment Panel are as follows:
- Carry out the procurement exercise in the selection of a new auditor.
Whilst we are willing to consider applicants with other areas of expertise, the appointee will ideally:
- understand, and have an empathy with, the role and objectives of the City of London Corporation;
- have experience of audit, governance (including risk management), accounting or internal control and an understanding of materiality;
- possess excellent communication and listening skills, demonstrating constructive challenge and focus on improvement and outcomes;
- be clear about the difference between governance functions and management functions;
- have previous experience of working at board or committee level;
- be able to deal with issues with objectivity, impartiality, fair mindedness and in a just manner;
- provide a reasoned independent view that will add value to the governance of the Corporation;
- have the capacity for clear thinking and analysis of detail and strategy;
- be able to act with sensitivity and diplomacy without compromising integrity;
- be able to balance practicality against theory, showing political awareness;
- be able, if necessary, to take an independent view which varies from that of other committee members;
- possess a willingness to serve on the Police Performance and Resource Management Sub-Committee, as the Audit and Risk Management Committee appoints two of its Members to this sub-committee, and to date these positions have been filled by external Members;
- experience in counter fraud and/or cyber security would be an asset
The successful candidate will need to be available to attend and participate in the meetings of the Audit and Risk Management Committee. This includes:
- Audit and Risk Management Committee meetings: 5 or 6 meetings per year, typically on Tuesdays from 2-4 pm. Committee meetings are currently held virtually on Microsoft Teams due to COVID-19, however it is anticipated that meetings will soon be held in a hybrid capacity allowing some Members to attend in person at the Guildhall, EC2.
- Informal Risk Challenge Sessions: meetings held monthly, typically on Wednesdays from 9-10 am. All meetings are held virtually on Microsoft Teams.
- Any relevant training sessions for the Committee.
- Meetings of the Independent Audit Appointment Panel (scheduled as needed).
PLEASE NOTE: Candidates for the role will make an application for the position, and the selection of the appointee will be approved by the Court of Common Council. The successful candidate will be required to adhere to the Members Code of Conduct. Recent past Members of the Court of Common Council or recent former City Corporation employees will be ineligible to serve in this capacity. Close friends or relatives of any Member or officer will be ineligible as will employees of any organisation of which the City Corporation is a client.
Whilst the positions are voluntary, reasonable travel costs will be reimbursed.
The closing date for the receipt of completed application forms is 5:00pm on 23 November 2020.
Interviews will take place virtually in December.
To apply online please click the 'Apply' button, then 'Search & Apply' in the top right of the navigation bar.
Alternatively, please contact 020 7332 3978 (24-hour answerphone) quoting reference number TC823 if you experience any problems. A minicom service for the hearing impaired available on 020 7332 3732.
The City of London Corporation is committed to Equal Opportunities and welcomes applications from all sections of the community.
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