Issue - meetings

Report of KPMG LLP

The Chief Officer (Resources) presented the External Audit Plan 2015/16 prepared by KPMG, which outlined how KPMG would deliver its financial statements audit work for the Authority and set out their approach for value for money (VFM) work for 2015/16. The plan supplemented the Audit Fee Letter 2015/16.

KPMG had assessed the key risks affecting the Authority’s financial statements and the central processes that would impact on the audit. Professional standards require two standard risks, in relation to management override of controls and fraudulent revenue recognition, to be considered as part of each authority’s audit.

The National Audit Office had issued new guidance for the VFM audit which applied from the 2015/16 audit year. It was reported that the risk assessment was ongoing and KPMG would report on VFM significant risks during their audit.

Members were advised that KPMG work would be completed in four phases from March to July 2016

Resolved:

That the External Audit Plan 2015/16 be accepted.