Recommendation: That, on the
recommendation of the Audit Committee, the City Manager and the Audit Chair BE
REQUESTED to jointly approach the City of London’s Boards and Commissions
to:
a)
request
and encourage the Boards and Commissions to engage the services of
PricewaterhouseCoopers for the purpose of an internal audit of their existing
processes, under the City’s existing terms of engagement and at the City’s
expense, subject to:
i) annual budget
availability;
ii) submission
of detailed requests to the City of London’s Audit Committee; and,
iii)
prioritization of the annual audit plan by the City of London’s Audit
Committee; and
b)
suggest
that any operational savings resulting from an internal audit of a board or
commission be returned to the City of London to assist in covering the
costs of the audit and, where there are “go-forward” savings, to reduce the
overall budget of the Board or Commission;
it being noted that the Middlesex London
Housing Corporation recently undertook such an audit and is reviewing the
potential implementation of the recommendations and the associated
cost-savings.
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