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 2017 / 18 a number of health and safety audits and inspections have been undertaken to ensure compliance with the required standards and legislation is maintained - no high risk issues were identified in the audit process for 2017 / 18 . Health and Safety updates , including the results of health and safety audits and compliance with Fire and Gas Safety measures are reported through to the Board of Management and the Finance , Risk and Audit Committee . Following the tragic events occuring at Grenfell Tower in June 2017 the Board and Finance , Risk and Audit Committee has been provided with further reassurances on fire safety throughout 2017 / 18 . These assurances confirmed :
n customer safety remains of paramount importance to Accord at all times n high levels of compliance with respect to fire safety standards n a commitment to ensuring high standards are maintained on an ongoing basis n Accord has no high rise accommodation , nor does it have any properties with cladding made from aluminium composite materials ( ACM ).
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 2018 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 2017 / 18 . 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 riskbased 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 audit process 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 .
Financial Statements 2018 31