Agenda item

Internal Audit Update

Report of the Head of Internal Audit & Risk Management.

Minutes:

The Committee received a report of the Head of Internal Audit providing an update on Internal Audit activity undertaken at the Barbican Centre since January 2018, as well as an analysis of the delivery of 2017-18 audits at Appendix 1.

 

Members were informed that, since the publication of the report, the Equalities & Inclusion audit report had now been finalised with an Amber rating; all recommendations had been accepted.

 

Members discussed the limited assurance rating provided in respect of the Bars and Retail arrangements, with specific reference to stock management issues. Concern was expressed with regard to the lack of controls currently in place pending the introduction of a new IT-based system, as well as with regard to the timescales for the implementation of any new system. The Chief Operating & Financial Officer outlined a number of manual controls and assurance checks which had been implemented in the interim to mitigate the risk which were believed to be sufficient to address the concerns of Internal Audit; notwithstanding this, he agreed to produce a report for the next meeting providing more detail on the issues, the interim controls in place, and the timeline for the implementation of a permanent solution.

 

Noting discussions at previous meetings relating to the process by which audit review areas were determined and scheduled, it was asked that the Committee be provided with the strategy or planning document which was used by Internal Audit and Barbican Management to set out the joint understanding of the risks and inform the selection of audits for the coming period. It was also asked that a list of all audits undertaken at the Centre over the past three years be provided, to show the wider picture of the areas which had been the subject of review.

 

RESOLVED: That Members:-

 

·         Note the delivery position for the 2017-18 Internal Audit Plan, including audit review outcomes since the last Internal Audit Update Report in January 2018;

 

·         Note live high priority recommendation details and;

 

·         Note planned audits for 2018-19.

Supporting documents: