Agenda item

Internal Audit Annual Report

Report of the Head of Audit and Risk Management.

Minutes:

The Committee received a report of the Head of Audit and Risk Management which provided the Internal Audit Annual Report and Opinion.

 

The Head of Audit introduced the report and noted the improved position from last year’s report. The Chairman thanked staff for their work in achieving the improved position. In addition, the Head of Audit provided the Committee with an update on the actioning of the recommendations listed within the report and a summary of the Internal Audit work delivered.

 

Deputy Chairman questioned if the GDPR Readiness risk was specific to the School or was a City of London Corporation wide risk. The Head of confirmed that the risk was across the City of London Corporation and that the two red risks listed would be further clarified. The Principle added that the School would be completing a GDPR self-assessment to mitigate this risk.

 

Further to a request from the Chairman the Principle provided an update on the High Priority Recommendations as listed at Annex three of the report. The Deputy Chairman commented the use of petty cash for providing students with funds for the Student Arts Production and suggested the School utilise P-Cards. The Principle agreed confirmed that the School would be moving away from the use of petty cash for this service.

 

Replying to a request from the Chairman the Head of Audit explained that an improved methodology for managing the implementation was due to be established across the City of London Corporation. It was explained that the new method would focus more on assurances regarding system controls to improve identified risks rather than specific details on actions and would be more efficient than the current method. Furthermore, the Head of Audit confirmed that meetings between Internal Audit and School Staff would be established to discuss risk reviews.

 

RESOLVED- That the report be noted.

Supporting documents: