Issue - meetings

The External Auditor submits a document that sets out how they will deliver their financial statements audit work for Leicester City Council, and the approach to value for money (VFM) work for 2014/15. The Committee are asked to note the report.

The External Auditor presented the External Audit Plan 2014/15, which supplemented the External Auditor’s Audit Fee Letter 2014/15. The Plan set out the detailed audit plan for the external audit of the financial statements and the approach to value for money (VFM) work for the 2014/15 financial year.

Members considered the report in detail, which covered the following areas:

- KPMG's audit approach

- Key financial statements audit risks

- Value for money audit approach

- Audit team, deliverables, timescales and fees.

The stages of KPMG's audit approach were summarised in the report as follows:

- Planning

- Control evaluation

- Substantive procedures

- Other audit work

Members were asked to note the significant risks identified with regards to the following:

·         Accounting for Local Authority Maintained Schools;

·         The in-year change of banking services provider from Co-op to Barclays.

The External Auditor said an amendment to the report would be made as a risk in Children’s Services had been identified and reported in a recent Ofsted report, and would have an impact on the value for money work and fee.

Members were also asked to note the External Auditor’s approach to the Value for Money conclusion and audit of the Council's financial statements.

The Director of Finance said the change of bankers was a big project and the old Co-op bank account would remain open, and would run alongside the new Barclays bank account for approximately three months.

The Chair thanked the External Auditor for the report.

RESOLVED:

1.    that the report be received and noted.