OpenLegislation

Paragraph 4 Audit committeesI1

England and Wales

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A CCA must arrange for the appointment by the CCA of an audit committee.

(2)

The functions of the audit committee are to include—

(a)

reviewing and scrutinising the CCA’s financial affairs,

(b)

reviewing and assessing the CCA’s risk management, internal control and corporate governance arrangements,

(c)

reviewing and assessing the economy, efficiency and effectiveness with which resources have been used in discharging the CCA’s functions, and

(d)

making reports and recommendations to the CCA in relation to reviews conducted under paragraphs (a), (b) and (c).

(3)

The Secretary of State may by regulations make provision about—

(a)

the membership of a CCA’s audit committee;

(b)

the appointment of the members;

(c)

the payment of allowances to members of the committee who are members of a constituent council.

(4)

Provision must be made under sub-paragraph (3) so as to ensure that at least one member of an audit committee is an independent person (as defined by the regulations).

Annotations

Commencement

I1

Sch. 1 para. 4 in force at 26.12.2023, see s. 255(2)(c)