Finance Committee Terms of Reference

MEMBERSHIP
Seven Members
FREQUENCY OF MEETINGS
Seven times a year
QUORUM
Four Members
 

PURPOSE

 
1.      To oversee the adequacy and effectiveness of the Corporate Governance Framework in place within the Force and the Authority.
 
2.      To advise on all financial matters and consider the revenue and capital estimates and medium term financial strategy and to oversee asset management (including estate).
 
3.      To provide independent assurance of the adequacy of the risk management framework and associated control environments.
 
4.      To oversee the Authority's arrangements for the provision of IT/IS systems and processes.
 

TERMS OF REFERENCE

 
5.      To oversee and consider Force arrangements to deliver against key HMIC Baseline Assessment Frameworks and the Audit Commission’s Police Use of Resources (PURE).
 
6.      To consider and make recommendations to the Authority on the revenue budget and to monitor expenditure and income against it.
 
7.      To consider and make recommendations to the Authority on the capital programme and to monitor it.
 
8.      To monitor and review the Authority's Medium Term Financial Strategy.

9.      To approve the Authority's annual accounts.
 
10.  To liaise with the Audit Commission over the appointment of the Authority's external auditor.
 
11.  To approve the internal and external audit plans and programmes and the level of fees involved.
 
12.  To consider the External Auditor’s Annual Audit Letter and any reports from the external auditor and report with recommendations to the Authority.

13.  To oversee adequate and effective arrangements for internal audit and to approve reports on progress against the audit plan and consider appropriate action.
 
14.  To ensure the effectiveness of the control systems in operation including risk management.
 
15.  To monitor the arrangements for anti fraud and corruption.
 
16.  To consider the Internal Audit Annual Report and Opinion and carry out an annual review of the effectiveness of the internal audit function.
 
17.  To oversee the production of the Authority's Statement of Internal Control and to recommend its adoption to the Authority.
 
18.  To oversee Treasury Management activity and to make recommendations to the Authority on Treasury Management policy and prudential indicators.

19.  To monitor civil claims and their settlement.
 
20.  To oversee the Authority's arrangements for Corporate Governance including contract procedures and financial regulations and to recommend any necessary actions to comply with best practice.
 
21.  To consider compliance with the Authority's own and other published standards and controls.
 
22.  To maintain an overview of all review activity, both external and internal, to ensure that arrangements are in place to promote economy, efficiency and effectiveness and to secure value for money.
 
23.  To oversee the management of assets.
 
24.  To approve and monitor the implementation of the Authority's IT/IS strategy.
 
25.  To review and consider IT/IS security arrangements together with business continuity and disaster planning.
 
26.  To consider any matters referred to the Committee by the Police Authority or any other Committee of the Authority for either determination or recommendation.
 
27.  To refer any matter to any other Committee of the Authority as appropriate.
 
28.  To receive regular updates on developments from Regional Policy Network meetings, consider the implications for the Police Authority and respond accordingly.
 

DELEGATION

 
The Committee has full executive powers to deal with all of the above matters, with its minutes being submitted to the Authority.
 
 
 
Approved by the Police Authority June 2007
Amended by the Police Authority June 2008