13 May 2011

The purpose of the Audit Committee is to support the Management Board to ensure a financially sound and efficient organisation, which makes full and effective use of resources in support of DFID objectives.

The Audit Committee met on 13 May 2011 to discuss:

National Audit Office (NAO) Sudan Country Report

This report has now been finalised and NAO confirmed they would be meeting with DFID senior management during May to discuss it.

Internal Audit Department (IAD) Annual Report

IAD presented their report on risk management, control and governance for the Audit Committee’s review.

Draft Statement on Internal Control (SIC)

The 1st draft SIC was presented to the Committee who provided suggestions and comments.

Value for Money (VFM) Director Update

The Committee were updated with current Finance & Corporate Performance Division issues including

• Allocations and budget profiling
• Results and performance management
• The new Fraud Management Group
• Latest estimates for 2010/11 outturn

Director General, Finance and Corporate Performance Update

Key areas of future focus for the department were discussed including 3 broad areas or risk and challenge

• Context
• Capability
• Delivery

NAO Review of Financial Management

The report recognised that DFID has improved core financial management. A Financial Improvement plan will be produced to take forward any issues.

IAD Annual Fraud Report

The Audit committee discussed the findings in IAD’s Annual Report.