100309 Audit mins
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MINUTES OF A MEETING OF THE AUDIT COMMITTEE HELD ON TUESDAY 10 MARCH 2009 AT 8.00am PRESENT: Trevor Cooper – Chair Delroy Brown Graham Charlton Tony Grady IN ATTENDANCE: David White – Interim Vice Principal Corporate Andrew Hartley – Executive Director of Funding and Financial Resources Ian Falconer – Grant Thornton Will Simpson – Grant Thornton Andy Bush - KPMG Claire Kay - Clerk to the Corporation The Chair welcomed Graham Charlton to his first meeting. 1. MEETING WITH AUDITORS WITHOUT MANAGEMENT PRESENT The members used this time to consult with auditors on issues arising from the agenda. There were no issues or concerns raised which auditors would not discuss with management present. Members of College management joined the meeting at 8.10 am. 2. APOLOGIES FOR ABSENCE Apologies for absence had been received from Ralph Tonge and Val Mattinson. 3. DECLARATIONS OF PERSONAL INTEREST IN AGENDA ITEMS Graham Charlton declared he had previously worked for one of the firms listed as possible firms for audit tendering. This was noted but did not lead to a conflict of interest. Grant Thornton and KPMG declared an interest in this agenda item. Auditors would be required to withdraw for the item. It was agreed that this item be moved to the end of the meeting to allow audit firms to leave. 4. MINUTES The minutes of the meeting held on 26 November 2008 were confirmed and signed. 5. MATTERS ARISING The Clerk updated ...
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MINUTES OF A MEETING OF THE AUDIT COMMITTEE
HELD ON TUESDAY 10 MARCH 2009 AT 8.00am
PRESENT:
Trevor Cooper – Chair
Delroy Brown
Graham Charlton
Tony Grady
IN ATTENDANCE:
David White – Interim Vice Principal Corporate
Andrew Hartley – Executive Director of Funding and Financial Resources
Ian Falconer – Grant Thornton
Will Simpson – Grant Thornton
Andy Bush - KPMG
Claire Kay - Clerk to the Corporation
The Chair welcomed Graham Charlton to his first meeting.
1.
MEETING WITH AUDITORS WITHOUT MANAGEMENT PRESENT
The members used this time to consult with auditors on issues arising from the agenda.
There were no issues or concerns raised which auditors would not discuss with
management present.
Members of College management joined the meeting at 8.10 am.
2.
APOLOGIES FOR ABSENCE
Apologies for absence had been received from Ralph Tonge and Val Mattinson.
3.
DECLARATIONS OF PERSONAL INTEREST IN AGENDA ITEMS
Graham Charlton declared he had previously worked for one of the firms listed as possible
firms for audit tendering.
This was noted but did not lead to a conflict of interest.
Grant
Thornton and KPMG declared an interest in this agenda item.
Auditors would be required
to withdraw for the item.
It was agreed that this item be moved to the end of the meeting to
allow audit firms to leave.
4.
MINUTES
The minutes of the meeting held on 26 November 2008
were confirmed and signed.
5.
MATTERS ARISING
The Clerk updated members on the actions taken to address the concerns expressed at the
last meeting regarding membership.
GH joined the meeting for agenda item 7.
6.
STUDENT UNION FUNDS AUDIT 2008/09
Members reviewed the accounts presented in the report and noted the unplanned deficit for
the year of £3,000.
The Student Union would be attending Audit Committee in June to
report on the implementation of the financial strategy discussed with the Committee in June
2008.
Members recognised the need to use surplus funds to reinvest in Union activities
whilst maintaining the financial stability year on year.
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Members noted the report and the financial statements for the year ended 31 July 2008.
7.
AUDIT AND RISK MANAGEMENT GROUP
The work of the ARM Group was reviewed.
Members noted the summary data of audit
recommendations and reviewed the 10 overdue recommendations.
Discussion focused on
those outstanding recommendations from 2005/06 audit reports, members were satisfied
that these were ongoing developments but considered management should be looking at
closing recommendations down sooner.
The final report from the LSC PFA audit during inspection was noted by the Committee.
The 3 recommendations made in the report were reviewed and the actions being taken by
management noted.
An in-year review of the risk register had been undertaken and the changes made were
highlighted.
Members discussed the usefulness of the register for the purposes of the
Committee and considered the risks and controls detailed may be too managerial.
IAS
considered the register a key document which appropriately reviewed the unmitigated risks
of the organisation and recommended the process remain in place.
In conclusion the
Committee requested the reporting of the risk register to the Committee and Corporation be
reviewed with the possibility of improving the understanding of the organisational risks at
the residential in May.
One of the main risks to be included was the effect of the capital delays.
Members noted
this would be discussed at F&R and also at Board.
The Principal considered the need to
reassign the internal audit days planned for capital to address the risks resulting from the
delays and the effect on the College’s asset base and borrowing position.
This would be
discussed under agenda item 8.
Members noted the report.
GH left the meeting.
8.
INTERNAL AUDIT REPORT
The Committee reviewed 4 internal audit reports from the second cycle of audit work.
Annual Review of Risk Management
The annual review confirmed a good level of understanding throughout the College of risk
management and the report concluded the controls were suitably designed and operating
with sufficient effectiveness to achieve the objectives of the College.
Annual Review of Corporate Governance
The annual review considered the governance arrangements of the College mapped
against the Good Governance Standards for Public Services.
The report highlighted the
areas of good practice in all six core principles and concluded the controls were suitably
designed and operating with sufficient effectiveness to achieve the objectives of the
College.
Framework for Excellence
The audit was undertaken before the publication of the major changes in the Framework for
Excellence.
The positive assurances given in the report were still relevant for the
monitoring of key performance indicators.
The report concluded the controls were suitably
designed and operating with sufficient effectiveness to achieve the objectives of the
College.
Treasury and Cash Management
The report noted the College Treasury Management Policy was risk averse and therefore
the organisations cash balances had not been placed at risk during the recent economic
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crisis.
The report recommended a review of the Treasury Management Policy; this was
being undertaken and would be reported to the May F&R Committee for consideration.
the report concluded the controls were suitably designed and operating with sufficient
effectiveness to achieve the objectives of the College.
Progress Report
Grant Thornton reported on the progress to date with the 2008/09 IAS plan.
It was agreed
by the Committee to delegate to the Executive Team how to redeploy the days set aside
within the plan for auditing the capital programme, taking account of the comments made
by the Principal in the previous agenda item.
Members were reminded that the reports
from the third workflow would be sent on completion of the work for information and
comment and then formally noted at the June meeting.
The reports were noted by the Committee.
9.
GOVERNMENT OFFICE AUDIT REPORTS – ESF FUNDING
Members considered the two reports received from GOEM following audits relating to ESF
funded projects.
The positive audit opinions on both the New Dimensions Project
(completion date June 2004) and the Enterprise Hatcheries Project (completion date
February 2005) were noted.
10.
RISKS ASSIGNED TO THE COMMITTEE
The update on the mitigation of the risks of inoperability of core systems, financial
irregularity and poorly operating internal and external control systems was reviewed.
Members considered these risks adequately controlled and no additional risks were
identified as a result of the meeting.
Members of the audit firms withdrew from the meeting.
11.
DRAFT TENDER PROCESS FOR AUDIT SERVICES
The tender proposal was reviewed by the members.
Consideration was given to the criteria
for invitations to tender. It was considered essential to have sector experience, more so in
internal audit services than external audit services.
Having debated the inclusion of
smaller, more local audit firms it was agreed that the invitations to tender would remain as
detailed in the report, as it was considered that the benefit of the larger more experienced
firms in understanding the sector issues was important at this time.
Members considered
the experience audit firms had with local authorities would also be important.
Members were assured that the tender did not cross the threshold for OJUE regulations.
Members noted the tender document and approved the criteria for invitations to tender.
12.
CONFIDENTIALITY OF BUSINESS
There were no items of confidential business to record.
13.
DATE OF NEXT MEETING
The next scheduled meeting was 22 June 2009.
The Chair closed the meeting at 9.25am.
SIGNED: ___________________________________________________
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DATE:
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