Audit and Risk Management Committee and Independent Audit Appointment Panel - External Member

Background to the City of London Corporation:

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.  We look after the City of London (‘the City’ or ‘Square Mile’) on behalf of all who live, study, work, and visit; providing modern, efficient, and high-quality local services and policing for all.  

We have a long history, a unique constitution, our own Lord Mayor, and a dedicated police service keeping the City safe.  Our independent and non-partisan political voice and convening power enables us to promote the interests of people and organisations across London and the UK, and play a valued role on the world stage.

More information about the City of London Corporation can be found on our internet site:

• About the City of London Corporation - City of London
• Our Corporate Plan 2024-29 - City of London

Audit and Risk Management Committee/Independent Audit Appointment Panel – External Member

The City Corporation is currently seeking to appoint an External Member to join the Audit and Risk Management Committee and Independent Audit Appointment Panel (IAAP).

The successful candidate will need to be available to attend and participate in the meetings of the Audit and Risk Management Committee. This includes:

• Allowing the necessary time to read materials prior to a committee meeting.
• Attending the Audit and Risk Management Committee meetings, there are usually 5 to 6 meetings per year, typically on Mondays from 11am-1pm. Committee meetings are held at the Guildhall, EC2.
• As an external Member, you may be asked to serve on the Police Resources, Risk and Estates Committee, representing the Audit and Risk Management Committee.
• Any relevant training sessions for the Committee.
• Meetings of the Independent Audit Appointment Panel (scheduled as needed).

The responsibilities of the Audit and Risk Management Committee are as follows:

• Approve the annual External Audit Plan.
• Receive reports on internal control reliability and ensure objectives are met efficiently.
• Meet with external auditors, review audited accounts (excluding Bridge House Estates), and make recommendations to the Finance Committee.
• Report to the Court of Common Council annually.
• Appoint an Independent Audit Panel for external auditor recommendations.
• Oversee the risk management strategy and ensure it reflects the risk environment.
• Receive an annual report on the effectiveness of the risk management strategy.
• Report on governance and value for money risks.
• Review risk management procedures for City of London schools and academies.
• Monitor anti-fraud and anti-corruption arrangements.

The Committee carries out the following areas of work:

Audit:

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• Establish, approve and support Internal Audit’s mandate (this includes Internal Audit’s programme of work and contributing to the development of this)
• Receive reports from the Head of Internal Audit on the extent to which the City of London Corporation can rely on its system of internal control, risk management and governance - seeking assurance that the City of London Corporation’s objectives will be achieved effectively;
• Consider and approve the external audit plans;
• Prior to the presentation to the Court, consider the audited annual accounts of the local authority funds, pension fund, various non-local authority funds and the Annual Governance Statement. Receive and consider the formal reports, letters and recommendations of the City of London Corporation’s external auditors and make recommendations relating to the approval of the accounts (to the Finance Committee);
• Meet with the external auditors of the City Fund and the various non-local authority funds at least once in each calendar year, and with the Head of Internal Audit in respect of internal controls, in closed session as required;
• Report back as necessary to the Court of Common Council.

Risk Management:

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• Monitor and oversee the City of London Corporation’s risk management strategy and to be satisfied that the authority’s assurance framework properly reflects the risk environment;
• Consider all audit or external inspection reports relating to any department at the City of London Corporation and seek assurance that action has been taken where necessary;
• Receive an annual report from relevant Officers reviewing the effectiveness of the City of London’s risk management strategy;

Counter Fraud and Resilience

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• Ensure that appropriate counter fraud, defence and resilience activities are in place.

Responsibilities of the role in the Independent Audit Appointment Panel are as follows: 

• Carry out the procurement exercise in the selection of a new auditor.

Whilst we are willing to consider applicants with other areas of expertise, the appointee will:

• Have previous experience of working at board or committee level in an executive or non-executive capacity, preferably as a member of an Audit and Risk Committee;
• Have a recent (within the last five years) senior leadership background in audit / risk in the UK, with exposure to local authorities desirable;
• Hold a chartered accountancy qualification;
• Be able to balance practicality against theory, showing political awareness and an understanding of the role and objectives of the City of London Corporation and the context within which the organisation operates;
• Be able to deal with issues with objectivity, impartiality, fair mindedness and in a just manner, providing a reasoned independent view that adds value;
• Have the capacity for clear thinking and analysis of detail and strategy;
• Possess excellent communication and listening skills, demonstrating constructive challenge and focus on improvement and outcomes;

PLEASE NOTE: Candidates for the role will make an application for the position, and the selection of the appointee will be approved by the Court of Common Council.  The successful candidate will be required to adhere to the Members Code of Conduct. Recent past Members of the Court of Common Council or recent former City Corporation employees will be ineligible to serve in this capacity.  Close friends or relatives of any Member or officer will be ineligible as will employees of any organisation of which the City Corporation is a client.

Whilst the positions are voluntary, reasonable travel costs will be reimbursed. If you are interest in applying for the role please submit by email an up to date CV (max 3 pages) and a supporting statement of no more than 2 pages setting out how you meet the criteria.

If you would like further details about the role or to submit your application, please contact Blair Stringman (Governance Officer) via email at: Blair.Stringman@cityoflondon.gov.uk. 

The closing date for the receipt of completed applications is 12 noon on 30 June 2025. Interviews will take place in July.