To consider the following:
· ISA260 Pension Fund
· ISA260 Powys County Council
· Letter of Representation – Pension Fund
· Letter or Representation – Powys County Council
· Statement of Accounts 2014/15
Minutes:
Documents:
· ISA260 Pension Fund
· ISA260 Powys County Council
· Letter of Representation – Pension Fund
· Letter of Representation – Powys County Council
· Statement of Accounts including Annual Governance Statement
i) ISA260 Pension Fund
Issues:
· A revised ISA260 Pension Fund had been issued and circulated following an addition regarding ‘Other significant issues arising from the Audit’
· The significant issue related to an overstatement of the estimate of the value of private equity investments in the draft accounts. This was not a material consideration but procedures for estimation should be reviewed.
· An Unqualified Opinion had been issued
Responses:
· Members queried the definition of materiality. The WAO informed the Committee that the level of materiality was dependent on both the organisation and the particular item within the accounts. The audit did not aim to provide assurance of perfect accuracy but an acceptable level of assurance.
· The Chair queried the delay in completion from August to September. The WAO welcomed improved support from the Authority and believed that these improvements would continue.
ii) ISA260 Powys County Council
Issues:
· An Unqualified Opinion had been issued
· Three uncorrected misstatements were noted and that these were not material
Responses:
· The Committee had held a workshop prior to the formal meeting of the Committee to consider the Statement of Accounts in depth with queries being answered at that time
· The WAO had noted a marked improvement in the information and support provided by the Authority. Members asked at what stage would a ‘lighter touch’ audit be required and whether the Authority might see a reduction in the fees charged. The WAO would issue its Audit Plan for next year which would include proposed fees. They hoped that this would show a reduced fee to reflect improvements to date. The Finance Team had taken a Project Management approach to developing the Statement of Accounts and the Working Group would meet as soon as the process had been completed to implement further improvements in the development of the Accounts for the current year.
· As greater involvement by third parties developed, Members asked how this would affect the Authority’s accounts. There may be a need to move to consolidated or group accounts – any requirements on third parties in this regard would be clearly stated within any contract documents.
iii) Letter of Representation – Pension Fund
iv) Letter of Representation – Powys County Council
Outcome:
· Both Letters of Representation be approved for signature
County Councillor R G Thomas arrived at 10.20 am
County Councillor L R E Davies arrived at 10.30 am
v) Statement of Accounts
Issues:
· The Committee were informed that there were some minor amendments relating to rounding up on the Income and Expenditure account. Members were advised of the detail and the amended version would be uploaded to the internet
· LIBOR rate
Responses:
.
Supporting documents: