AT A MEETING of the AUDIT COMMITTEE held in the College on MONDAY 22 NOVEMBER 2010 at 5.30 pm. Present B ALLEN in the Chair P Ball and E Lugg An apology for absence was received from B Guthrie and C Holliday Also in attendance L Oliver (Clerk) A Isherwood (Principal) S Ruddock (Directorate) L Heighton (Finance Manager) L Taylor (Baker Tilly) and KPMG. 1
Declarations of Interest There were no Declarations of Interest made before the commencement of the meeting.
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Minutes The Minutes of the meeting held on 8 November 2010 were confirmed as a correct record and signed by the Chair.
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Risk Management Annual Report 2009/10 The Committee considered the Risk Management Annual Report 2009/10. The report commented on the following issues – Risk Management Manual Risk Register KPMG Audits Framework for Excellence Emergency and Business Continuity Programme Included in the report was a schedule identifying the 10 highest risks the College currently faces. Resolved That the report be endorsed.
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Annual Report and Financial Statements 2009/10 The Committee considered the Annual Report and Financial Statements 2009/10 (draft version UA2 dated 10 November 2010) and in so doing reviewed the disclosures and letters of representation. Inclusions in the Annual Report and Financial Statements were as follows – Statement of Corporate Governance Statement of the Corporation’s Responsibilities Independent Auditor’s Report Regularity Auditor’s Report Letters of Representation The Letters of Representation were included in the Audit Findings Report from Baker Tilly (see Minute 5 below). The Committee noted that paragraph 3.1 of the Financial Statements was to be presented in a table format to make it more understandable. It was also noted that the Annual Report and Financial Statements would be considered by the Finance & GP Committee on 6 December 2010. Resolved That, subject to the approval of the Annual Report and Financial Statements 2009/10 by the Finance & GP Committee at its meeting on 6 December 2010, and following review of the relevant disclosures and letters of representation there are no matters to bring to the attention of the Corporation in approving the Annual Report and Financial Statements 2009/10.
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External Auditor’s Report 2009/10 The Committee considered the External Auditor’s Final Findings Report for the year ending 31 July 2010. There were no significant issues identified. With regard to the Funding Audit a number of minor issues were identified by Price Waterhouse, the auditor, and these have been included in the final reconciliation. Resolved That the External Auditor’s Audit Findings Report 2009/10 and intended Letters of Representation be endorsed.
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Audit Committee Annual Report The Committee considered the draft Audit Committee Annual Report to the Corporation 2009/10. The report outlined the requirements of the report and commented on the work of the Committee as follows – Period covered by the report Committee membership Timetable of business conducted Terms of reference Review of internal audit reports and services Review of external audit reports and services Risk management Financial statements 2009/10 Self assessment Conclusion Resolved That the report be endorsed with the conclusion that the Committee is of the opinion that the overall framework of control within the College is satisfactory.
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Financial Management & Control Evaluation (FMCE) The Committee considered the final version of the FMCE Annual Return for 2009/10 with the overall assessment being ‘good’. The document will be further considered by the Finance & GP Committee on 6 December 2010 when the Financial Planning and Financial Monitoring sections will be validated. It is not anticipated that any amendments will be made by that Committee. Section 3b on Page 12 of the document was further updated following a meeting with the Skills Funding Agency on 16 November 2010 to discuss the Three Year Financial Plan submitted last July. Resolved That the FMCE document be approved subject to any amendments arising from the meeting with the Skills Funding Agency.
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Date of Next Meeting The Committee noted that its next meeting was scheduled for 7 March 2011.
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