Audit Committee Update – November 2015 |
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1. PURPOSE OF REPORT
1.1 This report is to communicate to the Audit and Governance Committee a report on the progress in delivering the responsibilities of the Authority’s External Auditors.
1.2 The report also includes emerging issues and developments relevant to the Authority along with any questions that may arise as a result of those emerging issues. A copy of the Audit Committee Update Report is attached at Appendix A.
2. INTRODUCTION AND BACKGROUND
2.1 The Audit Committee Update Report will provide a report on the progress of the work of the External Auditor’s Grant Thornton UK LLP, in discharging their responsibilities as outlined in the above at Paragraph 1.
3. REASONS FOR RECOMMENDATIONS
3.1 External Audit Services are provided by Grant Thornton UK LLP who successfully tendered for the five year contract from 2012/13 following the abolition of the Audit Commission’s audit practice.
3.2 In addition to updating the Audit and Governance on a range of emerging issues, this report provides an overview of the planned programme of work by the Auditors for 2015/16.
3.3 Members have previously indicated that they found this type of report to be useful.
3.4 Representatives of Grant Thornton UK LLP will be at the meeting to present the report and answer any questions.
Alternative Action and why not Recommended
3.5 In accordance with the respective responsibilities of both the External Auditor and the Audit and Governance Committee, a progress report update of this nature is judged to be appropriate for consideration. To not consider the report could weaken the Audit and Governance Committee’s capacity to discharge its responsibilities in relation to External Audit.
4. IMPLICATIONS
The implications to consider as a result of this report are as follows:
Issue |
Implications |
Sign-off |
Impact on Corporate Objectives |
The report is focused on ensuring that the Auditor’s Opinion on the 2015/16 Financial Statements is issued by the Statutory deadline of the 30th September 2016. |
Head of Finance & Resources |
Risk Management |
This report supports the Committee in the delivery of its Governance responsibilities. It also helps to mitigate the risk of non-compliance with the statutory timetable for production and audit of the annual accounts through timely communication of any potential issues. |
Chief Accountant |
Financial |
The financial implications arising from the proposed work will be contained in the Audit Plan referred to in the Report at Appendix A |
Head of Finance & Resources |
5. REPORT APPENDICES
The following documents are to be published with this report and form part of the report:
· Appendix A: Audit Committee Update November 2015
6. BACKGROUND PAPERS
There are no background papers for this report.