Issue - meetings

External Audit Plan 2017-18

Meeting: 07/03/2018 - Audit and Risk Management Committee (Item 33)

33 EXTERNAL AUDIT PLAN 2017-2018 pdf icon PDF 167 KB

Additional documents:

Minutes:

FSD 18021

 

Members were presented with an External Audit Plan summary report for 2017-2018, written by David Hogan—Head of Audit.

 

The report had been written to provide a review of the External Auditor’s annual plan arrangements for 2017-2018. 

 

Also presented to Members was KPMG’s External Audit Plan report to LBB for 2017/18. Mr Phil Johnstone attended from KPMG to answer any questions.

 

The Chairman was pleased to note that the audit fee had not increased.

 

Mr Johnstone explained that last year it had been possible to issue opinions concerning the objections to the accounts, but this was not the case for this year. It was not possible to issue a certificate ratifying the accounts in this case at this time. The issues raised were too complex and went back many years. The objector had asked for additional time to provide supporting information in respect of objections. The Chairman asked when the matter of the objections would be finalised. Mr Johnstone answered that KPMG had not formally accepted the objections yet.

 

A Member asked Mr Johnstone if there was any similarity between the financial position of LBB and Northamptonshire County Council. Mr Johnstone stated that there was no similarity—the respective financial positions were poles apart.

 

The Committee noted page 6 of the KPMG report which highlighted revised deadlines for draft accounts and the use of accounting estimates.

 

RESOLVED that

 

1-The External Auditor’s arrangements for the Audit Plan for 2017-2018 are noted

 

2- The Materiality limits set out in the Annual Plan are noted

 

3- Members note there was no increase in the audit fee compared to last year

 

4- Members note the significant risks identified in the Audit Plan