The Committee
considered the report of the Head of Finance and Resources setting
out responses to the External Auditor’s enquiries of those
charged with governance. It was noted
that:
·
To comply with International Auditing Standards, and as part of the
year end work, the External Auditor needed to:
Establish an
understanding of the management processes in place to detect fraud
and to ensure compliance with laws and regulations;
Make enquiries of
management as to their knowledge of any actual, suspected or
alleged fraud;
Document
management’s view on some key areas affecting the financial
statements; and
Gain an understanding
of how the Audit Committee maintained oversight of these
processes.
·
Two responses had been prepared; one by management and one by the
Chairman of the Audit Committee.
RESOLVED: That the contents of
the responses prepared by management and the Chairman of the Audit
Committee to the External Auditor’s enquiries, attached as
Appendices A and B to the report of the Head of Finance and
Resources, be noted.