Agenda 

Meeting:	Audit and Assurance Committee 	
Date:	Tuesday 1 October 2013	
Time:	10.00am	
Place:	Conference Room 1, Palestra, London, SE1 8NJ	

Members of the Committee

Keith Williams, Chair
Steve Wright, Vice Chair
Richard Barnes
Charles Belcher
Brian Cooke
Baroness Grey-Thompson DBE

This meeting will be open to the public. There is access for disabled people and induction loops are available.

Further Information

Copies of the papers and any attachments may be found at http://www.tfl.gov.uk/corporate/about-tfl/boardandchiefofficers/papers/1438.aspx

If you have questions, would like further information about the meeting or require special facilities please contact: Sue Riley, Secretariat Officer; telephone: 020 7983 4390; email:  SueRiley@tfl.gov.uk

For media enquiries please contact the TfL Press Office; telephone: 0845 604 4141; email: PressOffice@tfl.gov.uk

Howard Carter, General Counsel
23 September 2013
Audit and Assurance Committee 
Tuesday 1 October 2013

Agenda Part 1

1.	Apologies for Absence and Chair's Announcements	
2.	Declarations of Interests	
	General Counsel

Members are reminded that any interests in a matter under discussion must be declared at the start of the meeting, or at the commencement of the item of business.  

Members must not take part in any discussion or decision on such a matter and, depending on the nature of the interest, may be asked to leave the room during the discussion.
	
3.	Minutes of the meeting of the Audit and Assurance Committee held on 19 June 2013	
	General Counsel

The Committee is asked to approve the minutes of the previous meeting of the Audit and Assurance Committee and authorise the Chair to sign them.
	
4.	Matters Arising and Actions List	
	General Counsel

The Committee is asked to note the updated actions list.
	
External Audit Items	
5.	Annual Audit  Letter 2012/13	
	Chief Finance Officer

The Committee is asked to note the paper.	
6.	 Annual Audit Fee for TfL Group - Year Ending 31 March 2014
	
	Chief Finance Officer

The Committee is asked to note the paper.

7.	Policy on External Audit and Non Audit Services to Safeguard the Independence of External Auditors 	
	Chief Finance Officer

The Committee is asked to approve the revised policy.
	
Internal Audit Matters	
8.	Management Actions Report	
	Director of Internal Audit 

The Committee is asked to note the report.
	
9.	Internal Audit Quarter 1 Report  2013/14	
	Director of Internal Audit 

The Committee is asked to note the report.
	
10.	 Crossrail Audit Committee	
	Director of Internal Audit 

The Committee is asked to note the paper.	

Accounting and Governance	
11.	Update: Strategic Risk Management  Quarter 1 2013/14	
	Chief Finance Officer

The Committee is asked to note the paper.
	
12.	Anti Fraud and Corruption Strategy and Policy	
	Chief Finance Officer

The Committee is asked to approve the Strategy and to recommend that the Board approve the amended Policy.
	
13.	National Fraud Initiative 2012/13 Update	
	Chief Finance Officer

The Committee is asked to note the paper.

14.	Effectiveness Review of the External Auditors
	
	Chief Finance Officer

The Committee is asked to note the paper.
	
15.	Any Other Business the Chair Considers Urgent	
	The Chair will state the reason for urgency of any item taken.	
16.	Date of Next Meeting	
	Wednesday 18 December 2013 at 10.00am.	
17.	Exclusion of Press and Public	
	The Committee is recommended to agree to exclude the press and public from the meeting, in accordance with paragraphs 5 and 7 of Schedule 12A to the Local Government Act 1972 (as amended), in order to consider the following items of business. 

Agenda Part 2
Papers containing supplemental confidential or exempt information not included on or in the related item on Part 1 of the agenda.	
18.	Minutes of the meeting of the Audit and Assurance Committee  held on 19 June 2013	
	General Counsel

The Committee is asked to approve the minutes of the previous meeting of the Audit and Assurance Committee and authorise the Chair to sign them.
	
19.	Fraud Update	
	Director of Internal Audit

This paper is an update on recent fraud activity concerning attempted and actual fraudulent changes to supplier bank account details.   

The Committee is asked to note the paper.

20.	National Fraud Initiative 2012/13 Update - Appendix	
	Chief Finance Officer

This paper is an update on the National Fraud Initiative (NFI) exercise for 2012/13, a data matching exercise designed to detect fraud and erroneous payments. This appendix comprises a summary of all the fraudulent or potentially fraudulent activities. 

The Committee is asked to note the paper.
	
21.	Effectiveness Review of the External Auditors	
	Chief Finance Officer

This paper sets out the findings of the performance review of the external auditor effectiveness.

The Committee is asked to note the paper.
	
22.	Update: Strategic Risk Management Quarter 1 2013/14 	
	Chief Finance Officer

This paper is to provide information on the strategic risks that have been quantified.

Exempt supplemental information relating to the item on Part 1.