Issue - meetings

To consider an update report from Grant Thornton on the new audit arrangements and details of the annual audit fee for 2012/13.

The Committee considered the Annual Audit Fee Letter which was attached as Appendix A to the report.

Grant Thornton had been appointed as the Council’s external auditors in 2012 following a nationally co-ordinated competitive tendering process.

The Audit Commission had set its proposed work programme and scales of fees for 2012/13. The Council’s scale fee for 2012/13 was £205,050, which compared to the audit scale fee of £341,750 for 2011/12, a reduction of 40%.

The Audit Letter also set out the audit planning timetable for the coming year. It was noted that a report on financial resilience would be considered later in the year and that a report on local governance review would be submitted to the next meeting.

The Committee also received a presentation on the new audit arrangements from Judith Tench, Engagement Lead at Grant Thornton. This set out the background and context for the new public sector audit landscape, as well as what had already changed, what would change and what would remain the same. In general, the audit process would feel similar to the previous one but Grant Thornton would add value through wider skill sets and sector experience. Finally, at Members’ request, the process and methodology for determining the value for money conclusion was briefly outlined.

RESOLVED

That

(1)  the Annual Audit Fee Letter be noted;

(2)  the presentation from Grant Thornton on the new audit arrangements be received; and

(3)  it be noted that a report on local governance review will be submitted to the next meeting.