Health and Safety
The Board acknowledges its duty of care to employees , customers and residents in respect of all matters relating to health , safety and the environment . A dedicated team , operating under the supervision of the Executive Director of Resources , regularly reviews and updates relevant policies and procedures , supervises risk assessments and provides staff with training and support on health and safety issues . During 2016 / 17 a number of health and safety audits and inspections have been undertaken to ensure compliance with the required standards and legislation is maintained .
Internal control
The Board has overall responsibility for the system of internal control and for reviewing its effectiveness . Such a system of internal control is designed to manage rather than eliminate the risk of failure to achieve business objectives , and can only provide the Board with reasonable and not absolute assurance against material misstatement or loss . The Board confirms that there is an ongoing process for identifying , evaluating and managing the significant risks to the achievement of Accord ’ s strategic objectives . The process has been in place throughout the year to 31 March 2017 and up to the date of approval of the Financial Statements . The effectiveness of this process has been reviewed regularly by the Finance , Risk and Audit Committee which met four times in 2016 / 17 . The main processes / policies which the Board has established , and which are designed to provide effective internal control , are summarised below :
Internal audit The Board has delegated responsibility for overseeing the adequacy and effectiveness of the internal control system to the Finance , Risk and Audit Committee . The Internal Audit team reports directly to the Finance , Risk and Audit Committee . A risk-based internal audit plan is prepared and subsequently approved by the Finance , Risk and Audit Committee . The Committee also receives an annual assurance report summarising the audit programme and confirming that a satisfactory internal control system in place . Management assurances are received by the Finance , Risk and Audit Committee to confirm that recommendations have been implemented as agreed . Subsequent internal audit reviews are undertaken to check recommendations have been properly implemented .
Risk management The Board and Finance , Risk and Audit Committee oversee the risk management process which governs the ongoing process of establishing and communicating responsibilities , identifying risks and providing a framework to enable the organisation to minimise losses and maximise opportunities . Strategic risks are identified through a continuous risk assessment exercise , whilst operational risks are identified through the internal audit and best value process .
External audit The work of the external auditors provides assurance through the interim and final audit visits and the provision of an audit strategy , audit report and management letter . Regular meetings are held with the external auditors to provide an update on changes in the business and to discuss strategic and technical matters .
Quality management systems The quality of Accord ’ s management systems is acknowledged in its review by the Internal Auditor and external accreditations . The Association also complies with a number of other recognised ISO quality management systems .
Regulatory reports Accord reports to the Homes and Communities Agency through a range of regulatory returns all of which were submitted on time . The Executive Board ensures that regulatory matters are dealt with promptly and efficiently , co-ordinates the selfmonitoring system operated by the Board , and monitors compliance with performance standards .
Financial Statements 2017 49