AUDIT OF ACCOUNTS
To receive and consider the audited accounts, associated management accounts and management letter for 2005/06. (Report of the General Manager and external auditors) TO FOLLOW
Minutes:
The General Manager – Mr Holder advised the Board that as previously reported on 4 July to the Board the audited accounts were normally submitted to the first meeting of the Board in the Municipal Year. He apologised that that on this occasion, due to further delays caused by the application of SORP 2005 and associated allocation of costs within the SORP definitions together with the requirement for full application of FRS 17 in respect of pension deficits, the external independent auditors had not yet concluded their work. The accounts and audit opinion would be formally submitted to a meeting of the Board on 12 September 2006.
Mr Holder TABLED a draft copy of the audit opinion that has been received earlier that afternoon. That opinion, although draft, showed there were not any underlying concerns over the accounts which were now waiting clearance through the internal Deloitte & Touche technical review. Further that the opinion as tabled would be sent to the Charity Commission should they request any information in respect of the 2005/06 accounts during their deliberations on the issuing of a sec. 36 order.
The Chair advised that the current auditors be advised that the Board had been unimpressed by their recent performance and that the Board’s use of them would be reviewed if there was not a marked improvement.
NOTED