18 March 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 18 March 2011 to discuss:

Interim Resource Accounts

This was the 2nd year that interim accounts had been produced and the Committee noted that there were no areas of concern.

National Audit Office (NAO) Interim Management Report

NAO confirmed that there were no priority one findings at the interim stage.

Value for Money (VFM) Director Update

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

• Allocations and planning within DFID
• Business processes at the intervention level
• Transparency
• Financial management diagnostics
• Working with IAD

Bribery Act Review

IAD confirmed that, as yet, there was no implementation date for the Bribery Act 2010 and Ministry of Justice guidance was still in draft.

Review of the Corporate Risk Register (CRR)

The Committee considered progress made since this was last presented to them and confirmed that they would regularly review the new CRR and also discuss individual risks with owners.