A broad control framework
AFT must comply with stringent control criteria. The Agency is legally required to answer parliamentary questions especially concerning the groundwork for budget acts. AFT is also subject to a number of audits, including by the Government Audit Office (two audits per year for accounting matters and one for the Budget Outturn Report).
These controls also include audits by specialist firms to approve the quality and probity of accounting information, to issue opinions on the monitoring of prudential measures and to conduct internal audits.
Tasks of the internal control and risk management unit
AFT has an Internal Control and Risk Management unit, as specified in the Order creating AFT. The Unit is independent from the line functions of the Agency. The Unit is responsible for internal control, coordination of audit tasks, risk management including legal risks, approval of AFT contracts, monitoring regulatory developments, compliance and ethical rules.
Together with the other units, the Internal Control and Risk Management Unit regularly updates AFT’s general activity framework which sets management, organisation and control standards and which is approved by the Director General of the Treasury, who is the Chairwoman of AFT. The Unit also monitors AFT’s business continuity plan.