Responsibility for the System of Internal Control The Board is responsible for internal control and for reviewing its effectiveness. The Board delegates the ongoing review of controls to the Audit and Risk Committee. Day to day management of the business is the responsibility of the Chief Executive Officer and the Senior Management Team. In order to fulfil their responsibility, the Senior Management Team has established an assurance framework supported by clear delegated authorities and operating procedures. We use our documented assurance framework to demonstrate to the Board and Audit and Risk Committee a transparent process of reporting on the internal controls. This is supported by the quarterly assurance assessments signed-off by each Director which evidence compliance with the assurance framework or provides actions required to address any weaknesses. The internal audit programme provides independent assessment on the robustness and effectiveness of the internal controls, which are reported to the Audit and Risk Committee. These systems have operated throughout the financial year and up to the date of signing these accounts. Scope of Assurance The Board understands our internal controls system is designed to manage rather than eliminate all risks. Our procedures can only provide the Board with reasonable rather than absolute assurance against material misstatement, errors, losses or fraud. The Board considered the Chief Executive Officer’s report on Internal Controls and the Annual Report from Audit and Risk Committee for the year to 31 March 2022 and up to the date of signing these accounts. The Board monitored and considered outcomes arising as a consequence of the risk management process. They also saw assurance reports from officers on the associated control environment. The Board confirms that the risk management process was in place in the year under review, up to the date of the annual report, and is regularly reviewed. The Board confirms there was no breakdown in internal control resulting in material losses, contingencies or uncertainties which would require disclosure in the financial statements during the year. Code of Governance Arhag has adopted the National Housing Federation’s Code of Governance 2020 for the year of this report and is committed to uphold and keep to the high standards expected. As part of that Code the Board must publish a statement of compliance with the National Housing Federation’s Code of Governance in the annual report. Where there is non-compliance, the Board must provide a reasoned explanation. 5. STATEMENT ON INTERNAL CONTROLS 40 ARHAG
RkJQdWJsaXNoZXIy NDA3NTg=