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