Documents
Agenda
Agenda Items
1
Apologies for Absence
To receive any apologies for absence.
2
Named Substitutes
To receive details of any Member of the Authority nominated to attend the meeting in place of a Member of the Committee.
3
Declarations of Interest (if any)
This item allows the Chairman to invite any Councillor to declare an interest in any of the items on this Agenda.
To confirm the minutes of the meeting held on 27 September 2016.
58
RESOLVED that the minutes of the Audit and Standards Committee held on 27 September 2016 be confirmed as a correct record and signed by the Chairman.
To present the Annual Audit Letter 2015/16 from External Auditors, Grant Thornton UK LLP.
59
External Auditor Grant Thornton UK LLP presented the report and confirmed that an unqualified opinion on the Authority's 2015/16 financial statements and value for money conclusion had been issued on 27 September 2016. Financial statements were considered to give a true and fair view of the Authority's financial position and the financial statements presented for audit were sound.
It was recommended that the Authority should continue to develop the improved review process against the requirements of the CIPFA Code of Practice and incorporate these within future timetables for the preparation of the Authority's annual financial statements.
The External Auditor highlighted the following key messages arising from the Audit 2015/16.
i The Authority has taken appropriate account of the current economic climate and plans are supported by detailed and robust assumptions.
ii The Authority has a sound understanding of the current financial environment and undertakes robust planning for the medium and long term extending to 2020.
iii There is a strong link between the Authority Plan and the Community Risk Management Plan.
iv The Authority historically closely monitors its expenditure and does not exceed budget levels.
v The Senior Management Board provide clear leadership on spending priorities and demonstrate a clear understanding of the resource requirements of the Service.
vi Performance management is strong and appropriately challenged.
vii The Authority benchmarks its performance with other authorities to identify areas for improvement. Efficiencies have been made and efficiency plans continue to be implemented.
[10:35 Cllr Agar entered the room]
[10:36 Cllr Amos entered the room]
Following questions from Members on the concept of materiality the External Auditor provided clarification on its definition as well as expanding on how risk factors and judgement are used to determine the materiality percentage figure.
[Annual Audit Letter 2015/16 attached at Appendix 1of these minutes]
RESOLVED the Annual Audit Letter 2015/16 from External Auditors, Grant Thornton UK LLP be noted.
To apprise the Audit and Standards Committee of the audit fee for the Authority along with the scope and timing of work to be undertaken.
60
The External Auditor summarised the scale fee for audit work and confirmed that all scheduled work will take place within the fee envelope and that no additional fees had been incurred. Members were reassured that fees are independently set and that any variation has to be independently agreed.
RESOLVED the External Audit Fee 2016/17 be noted.
To provide the Committee with a progress update on the 2016/17 audit plan delivery.
61
The Head of Internal Audit Shared Service reported against the 2016/17 audit plan and highlighted to Members that of the four completed audits all had returned a ‘Full’ assurance level with no recommendations. The remaining audits were all underway and full report summaries would be presented at the next Committee. Members were asked to note that the CARE Scheme audit was being carried out as an additional review at the request of the Treasurer to provide assurance over held data.
RESOLVED the Internal Audit Monitoring Report 2016/17 be noted.
Attendance
Declarations of Interests
No declarations of interest have been entered for this meeting.
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