Agenda 

Meeting:	Audit and Assurance Committee 	
Date:	Wednesday 18 June 2014	
Time:	10.00am	
Place:	Conference Rooms 1 and 2, 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/publications-and-reports/audit-and-assurance-committee 

If you have questions, would like further information about the meeting or require special facilities please contact: Sue Riley, Secretariat Officer; telephone: 020 7983 4392; 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
10 June 2014

Audit and Assurance Committee 
Wednesday 18 June 2014

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 5 March 2014	
	General Counsel

The Committee is asked to approve the minutes of the previous meeting of the Audit 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.	KPMG Report to Those Charged with Governance 	
	Chief Finance Officer

The Committee is asked to note the report.	
6.	KPMG Letter on Independence and Objectivity	
	Chief Finance Officer

The Committee is asked to note the letter.

7.	KPMG Report on Non-Audit Fees for Six Months Ended 
31 March 2014	
	Chief Finance Officer

The Committee is asked to note the report.
	
8.	Annual Audit Fee 2014/15	
	Chief Finance Officer

The Committee is asked to note the paper.
	
Internal Audit Matters	
9.	Management Actions Report	
	Director of Internal Audit 

The Committee is asked to note the report.
	
10.	Internal Audit Quarter 4 Report 2013/14	
	Director of Internal Audit 

The Committee is asked to note the report.
	
11.	Internal Audit Annual Report  2013/14	
	Director of Internal Audit 

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

The Committee is asked to note the paper.
	
Accounting and Governance
	
13.	Review of Annual Governance and the Annual Governance Statement for the Year Ended 31 March 2014	
	General Counsel

The Committee is asked to approve the Annual Governance Statement, as set out in Appendix 1 of the report, for signing by the Chair of TfL and the Commissioner for inclusion in the 2013/14 Annual Report and Accounts.
	
14.	TfL Statement of Accounts for the Year Ended 31 March 2014
[Provided in a separate pack with item 15]	
	Chief Finance Officer

The Committee is asked to note the draft Statement of Accounts, and that the Chief Finance Officer will make any adjustments arising from ongoing audit work prior to submission to the Board. 
	
15.	Annual Report 2013/14
[Provided in a separate pack with item 14]	
	Managing Director of Customer Experience, Marketing and Communications

The Committee is asked to note the Annual Report, comment on its contents and delegate to the Managing Director of Customer Experience, Marketing and Communications, the task of making any adjustments prior to submission to the Board. 
	
16.	Strategic Risk Management Update – Quarter 4	
	Chief Finance Officer

The Committee is asked to note the paper.
	
17.	Strategic Risk Management and Assurance Annual Report 2013/14	
	Chief Finance Officer

The Committee is asked to note the report.
	
18.	Legal Compliance Report (1 October 2013 – 31 March 2014)	
	General Counsel

The Committee is asked to note the report.
	
19.	Half Yearly Fraud Report 2013/14	
	Director of Internal Audit

The Committee is asked to note the report.
	
20.	National Fraud Initiative 2012/13 Update	
	Chief Finance Officer

The Committee is asked to note the paper.
	
21.	  Any Other Business the Chair Considers Urgent	
	The Chair will state the reason for urgency of any item taken.
	
22.	Date of Next Meeting	
	Wednesday 8 October 2014 at 10.00am.
	
23.	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 in the related item on Part 1 of the agenda.	
24.	Matters Arising 	
25.	Strategic Risk Management Update – Quarter 4	
Chief Finance Officer

Exempt supplemental information relating to the item on Part 1.
	
26.	Legal Compliance Report (1 October 2013 – 31 March 2014)	
	General Counsel

Exempt supplemental information relating to the item on Part 1.
	
27.	Half Yearly Fraud Report Q3 and Q4 2013/14	
	Director of Internal Audit 

Exempt supplemental information relating to the item on Part 1.

Members will meet in private for the annual meetings with the External Auditors and the Chief Finance Officer.