Agenda 

Meeting:	Audit and Assurance Committee 	
Date:	15 June 2012	
Time:	10.00am	
Place:	Committee Rooms 1 and 2, Palestra, London, SE1 	

Members of the Committee

Keith Williams, Chair
Patrick O’Keeffe, Vice Chair
Charles Belcher 
Baroness Grey-Thompson
Tony West
Steve Wright

This meeting will be open to the public. There is access for disabled people and induction loops are available.

Further Information

Copies of the papers and any attachments may be found at http://www.tfl.gov.uk/corporate/about-tfl/boardandchiefofficers/papers/1438.aspx

If you have questions, would like further information about the meeting or require special facilities please contact: David Burgh, Secretariat Officer; telephone: 020 7126 4911; email:  DavidBurgh@tfl.gov.uk

For media enquiries please contact the TfL Press Office; telephone: 0845 604 4141; email: PressOffice@tfl.gov.uk

Howard Carter, General Counsel
7 June 2012  

Audit and Assurance Committee 
Friday 15 June 2012

Agenda Part 1

1.	Apologies for Absence and Chair's Announcements	
2.	Declarations of Interests	
	General Counsel

Members are reminded that any interests in a matter under discussion must be declared at the start of the meeting, or at the commencement of the item of business.  

Members must not take part in any discussion or decision on such a matter and, depending on the nature of the interest, may be asked to leave the room during the discussion.
	
3.	Minutes of the meeting of the Audit Committee held on 7 March 2012	
	General Counsel

The Committee is asked to approve the minutes of the previous meeting of the Audit Committee and authorise the Chair to sign them.
	
4.	Matters Arising and Actions List	
	General Counsel

The Committee is asked to note the updated actions list.
	
External Audit Items	
5.	KPMG Report to Those Charged with Governance 	
	Chief Finance Officer

The Committee is asked to note the report.	
6.	KPMG Letter on Independence and Objectivity	
	Chief Finance Officer

The Committee is asked to note the letter.

7.	KPMG Report on Non-Audit Fees for Six Months ended 31 March 2012	
	Chief Finance Officer

The Committee is asked to note the report.
	
Internal Audit Matters	
8.	Management Actions Report	
	Director of Internal Audit 

The Committee is asked to note the report.
	
9.	Internal Audit Quarter 4 Audit Report 2011/12	
	Director of Internal Audit 

The Committee is asked to note the report.
	
10.	Internal Audit Annual Report  2011/12	
	Director of Internal Audit 

The Committee is asked to note the report.
	
11.	KPMG Review of Internal Audit Effectiveness	
	Director of Internal Audit  

The Committee is asked to note the paper.
	
12.	Crossrail Audit Committee	
	Director of Internal Audit 

The Committee is asked to note the paper.

Accounting and Governance
	
13.	Review of Governance and the Annual Governance Statement for Year Ended 31 March 2012	
	General Counsel

The Committee is asked to approve the Annual Governance Statement, as set out in Appendix 1 of the report, for signing by the Chair of TfL and the Commissioner for inclusion in the 2011/12 accounts.
	
14.	TfL Statement of Accounts for the Year Ended 31 March 2012	
	Chief Finance Officer

The Committee is asked to note the draft Statement of Accounts, and that the Chief Finance Officer will make any adjustments arising from ongoing audit work prior to submission to the Board. 
	
15.	TfL’s Annual Report 	
	Managing Director, Marketing and Communications

The Committee is asked to note the Annual Report, comment on its contents and delegate to the Managing Director, Marketing and Communications the task of making any adjustments prior to submission to the Board. 
	
16.	Any Other Business the Chair Considers Urgent	
	The Chair will state the reason for urgency of any item taken.	
17.	Date of Next Meeting	
	Thursday 4 October 2012 at 10.00am.	
18.	Exclusion of Press and Public	
	The Committee is recommended to agree to exclude the press and public from the meeting, in accordance with paragraphs 5 and 7 of Schedule 12A to the Local Government Act 1972 (as amended), in order to consider the following items of business. 

Agenda Part 2
Papers containing supplemental confidential or exempt information not included in the related item on Part 1 of the agenda.	
19.	Minutes of the meeting of the Audit Committee held on 7 March 2012	
	General Counsel

The Committee is asked to approve the minutes of the previous meeting of the Audit Committee and authorise the Chair to sign them.
	
20.	Matters Arising and Actions List	
	General Counsel

The Committee is asked to note the updated actions list.
	
21.	Legal Compliance Report (October 2011 – March 2012)	
	General Counsel

The Committee is asked to note the report.
	
22.	Half  Yearly Fraud Report	
	Director of Internal Audit 

The Committee is asked to note the report.
	
23.	National Fraud Initiative Update	
	Chief Finance Officer

The Committee is asked to note the report.