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Agenda Item 11Bristol City CouncilAudit Committee 27th November 2015 Report of:Chief Internal AuditorReport Title:Transparency Code Compliance Ward:CitywideOfficer presenting report: Melanie HenchyMcCarthy,
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The audit committee is a key component of the governance framework of an organization, responsible for overseeing financial reporting, internal controls, and the audit process.
Organizations that are required to prepare financial statements and adhere to governance standards set by the local authority must file an audit committee.
To fill out the audit committee, organizations must complete a designated form that includes financial data, governance practices, and compliance information.
The purpose of the audit committee is to provide independent oversight of the financial and operational aspects of the organization, ensuring transparency and accountability.
The audit committee must report on financial statements, internal controls, risk management practices, and findings from audits.
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