Issue - meetings

External Audit - Understanding how the Audit Committee gains assurance from management

Meeting: 30/03/2015 - Audit Committee (Item 71)

71 External Audit - Understanding How the Audit Committee Gains Assurance from Management PDF 61 KB

View item 71 as HTML 33 KB

Additional documents:

Appendix A - Management response 14-15, item 71 PDF 67 KB View as HTML (71/2) 38 KB
Appendix B - Audit Committee Response, item 71 PDF 58 KB View as HTML (71/3) 27 KB

Minutes:

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.