Agenda item

The Committee received an update from the Audit Commission. Members were informed that the pre-statement audit is in progress and plans were being finalised for the post statement audit in discussions with officers. Also, the Value for Money conclusion work was in progress.

The Audit Commission also outlined for Members a number of national issues which may be of interest to members of the Audit Committee. Members were updated on the externalisation of the Audit Practice. The contracts for the South East region external audit work commencing in 2012/13 had been awarded on a five-year basis to Ernst and Young. The Audit Commission would also be issuing its annual fraud survey in April 2012 and be consulting on its proposed work programme and scales of fees for the 2012/13 National Fraud Initiative (NFI).

Members were also updated on the changes to the Local Government Capital Financing System and the amendments to the statutory guidance relating to the Housing Revenue Account (HRA), which had been implemented. The Committee also was informed of the guidance from CIPFA on the required accounting entries for councils making or receiving settlement payments in preparation for the self-financing of the Housing Revenue Account (HRA).

Resolved – That the report be noted.