Agenda item

External Audit Plan 2017/18

 

The Committee will receive a report supplementing the External Audit Fee Letter 2017/18 describing how External Audit will audit, review and report on the financial statements and audit work for the Council and setting out the approach to Value for Money Work for 2017/18.

 

Minutes:

Amy Warner, Manager at KPMG, spoke to the item, noting that materiality for planning purposes had been set at 12million, with the level for misstatements set at 600,000.

 

The attention of Members was drawn to the significant risks highlighted in the report, which included the delivery of budgets, featured later on the agenda.

 

Questions were raised in relation to the revaluation model used in relation to assets, which was considered a risk.  It was noted that this model was used by the majority of Councils, and CIPFA guidance recommended the use of 5 year cyclical model.

 

RESOLVED that the report be received. 

 

 

Supporting documents:

 

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