Issue - meetings

The representative from Grant Thornton introduced the update, which covered audit work carried out to date and current areas of work as follows:

·        It was reported that a high level review of corporate governance arrangements was being carried out, which would feed into the Use of Resources work. A report on this review would be presented at the next meeting of the Audit Committee.

·        Interim audit work to review key systems and ensure that they were operating as anticipated was in progress, and Grant Thornton was also working with the Council’s Internal Audit team to check the controls that were in place and to avoid unnecessary duplication of work.

·        Technical specialists at Grant Thornton were reviewing the 2006/07 accounts and would develop recommendations for future accounts. A presentation had been given to Finance staff, giving details about how the audit process works, key auditing issues and the requirements of the auditors. Feedback from this session had been positive.

·        A joint study on health inequalities was bring undertaken in partnership with Haringey PCT auditors; the findings were currently in draft form,  and a final report would be presented to the Audit Committee in June 2008.

·        Work on the Pension Fund audit, PFI developments and Alexandra Park and Palace was ongoing, and the audit planning process for 2008/09 had been commenced.

The Chair asked if there were any questions from the Committee. Cllr Gorrie asked whether the outcome of the current work on PFI accounting would have an impact on council tax calculations. The representative from Grant Thornton reported that the work had not been finalised but confirmed that, whatever the outcome, it would not have a material impact on the council tax calculations.

The Chair welcomed the decision to carry out a separate audit of the pension fund, as this avoided the risk of any potential conflict of interest. On behalf of the Committee the Chair welcomed Grant Thornton, expressed satisfaction with their work to date and stated that he had positive expectations for the future.

RESOLVED

That the content of the update be noted.