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The Committee
considered the report of the Head of Finance and Resources setting
out details of the External Auditor’s Audit Plan for 2013/14
and of the anticipated audit fee. It
was noted that the plan was risk based and had been developed
following consideration of both local and national risks and the
audit work completed to date. The
anticipated audit fee was £83,700 which covered the audit of
the Statement of Accounts and grant certification work.
In response to
questions, Mr Wells of Grant Thornton (the External Auditor)
explained that:
The level of
materiality used in performing the audit was about 2% of gross
revenue expenditure. The concept of
materiality to provide a level of assurance within an audit fee was
well established and 2% was the benchmark used when considering the
cumulative impact of errors identified and the risk.
Outturn against
budget would be reviewed as a risk assessment and unusual budget
variances would be built into audit planning.
It was accepted that
there was a need to develop within the Audit Plan consideration of
the impact of the provisions of the Localism Act on the way in
which the Council conducts its business in future, including
working in partnership with community groups and Parish
Councils.
RESOLVED: That
the content of the External Auditor’s Audit Plan for 2013/14,
attached as Appendix A to the report of the Head of Finance and
Resources, be noted.