internal-audit-annual-report-2007 08

AGENDA ITEM 11 TRANSPORT FOR LONDON AUDIT COMMITTEE SUBJECT: INTERNAL AUDIT ANNUAL REPORT 2007/08 MEETING DATE: 11 JUNE 2008 1 PURPOSE 1.1 The purpose of this paper is to summarise Internal Audit activity for the year ended 31 March 2008, to account for the use of resources and provide an opinion on the internal controls as required by the CIPFA Code of Practice for Internal Audit in Local Government. 2 AUDIT OPINION 2.1 We have concluded that TfL’s control environment is adequate for its business needs and operates in an effective manner. based on the work we have completed during the course of the year, which is set out in more detail below, and taking into account other sources of assurance including: • Independent Engineer reviews; • the work of other management assurance teams; • the result of the Use of Resources assessment by the external auditors; • a review of the Control Risk Self Assurance exercises within TfL; and • a of the Statements of Control completed by London Underground. 2.2 There have been no matters arising from any of the work we have completed which require to be brought to the attention of the Audit Committee. 2.3 There have been no restrictions imposed on the scope of the internal audit function. 2.4 In addition, using assurance gained from our audit work on governance matters and the specific review carried out on the preparation of the Statement of Governance, we can conclude that TfL’s ...