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