Agenda item

The Committee will receive a report supplementing the External Audit Fee Letter 2016/17describing how Internal Audit will deliver the financial statements and audit work for the Council and setting out the approach to Value for Money Work for 2016/17.

Amy Warner, Manager at KPMG, introduced the item.  Attention was drawn to a number of key areas.  Materiality had been set based on the previous year’s expenditure, with plans to report any uncorrected omissions or misstatements over £600,000.

Members noted significant audit risks relating to changes to pension liability, and in relation to waste management PFI valuation.  An additional area of audit focus would take into account changes in disclosure requirements.

With regards to value for money, no significant risks had been identified, it was agreed that any issues highlighted would be report back to the committee.

The Committee discussed the materiality limits, and how they were arrived at.  It was noted that these were set in-line with expenditure and levels of risks, mindful of the resources available for the service.  It was acknowledged that issues would be brought to the attention of officers under thresholds for correction if these had been identified.  It was suggested the report detailing errors and corrections produced for officers, could be brought to the Committee for further discussion.

RESOLVED that External Audit Plan 2016/17 be noted.