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Audit Committee

Terms of Reference

  1. Review with the Town Council’s management, external auditors and internal auditors, the adequacy of the Town Council’s policies and procedures regarding internal controls to ensure compliance with the relevant laws and regulations including TCFR, Guidelines from MND, Code of Corporate Governance for Town Councils, Town Council Accounting Policies, Town Council Standing Order.
  2. Review the scope and results of the external auditors’ audit examination, including the letter of audit engagement and management letter on recommendations on internal controls, accounting policies arising from the audit, as well as the related management response.
  3. Review the scope and findings of the internal audit, and internal accounting and financial reporting controls, as well as the management response.
  4. Review and recommend to the Town Council, the appointment of auditors.
  5. Evaluate the co-operation received by the external or internal auditors including their access to all requested accounting records, data and information. Also obtain the comments of management regarding the responsiveness of the external or internal auditors to the Town Council needs.