Issue - meetings

Presentation by Audit Wales.

To accept the Audit Wales report which highlighted the NWEAB's Audit Plan for 2022.  

The report was submitted by Sioned Owen (Audit Wales).

DECISION

To accept the Audit Wales report which highlighted the NWEAB's Audit Plan for 2022.

REASONS FOR THE DECISION

Though the North Wales Economic Ambition Board Joint Committee (the Joint Committee) had been preparing the Smaller Joint Committee Annual Returns in previous years, this would be the first year for the Joint Committee to prepare the full financial statements. Audit Wales would audit the financial statements to ensure that a proper account was given of public money.

This document outlined the work that Audit Wales intended to undertake during 2022 as a means of fulfilling their statutory responsibilities as an external auditor and to fulfil their obligations under the Audit Code of Practice.

DISCUSSION

The report was submitted, noting that as this year was the first time for the NWEAB to be submitting full statements of accounts, it was believed to be appropriate for the NWEAB to receive an individual audit plan rather than be included within the Gwynedd Council plan. A significant risk was highlighted that management override of controls was present in all entities, and it was explained that this risk was present in all audit plans. It was noted that the Joint Committee had prepared full financial statements for the first time this year, and there was a risk that the statements were more likely to include relevant misstatements.

Attention was drawn to the Audit Timetable by the performance team which had also been included. An update was given on the staff members table as the Performance Audit Manager had now left the organisation, and it was explained that the department would be notified when an individual had been appointed.

It was explained that the plan noted that Audit Wales hoped to complete the work by July / August but that they were negotiating across all authorities to push this date on to September / October.

Observations arising from the discussion

¾     The officers were thanked for the work and it was confirmed that the increase in fees of 3.7% was seen across all Audit Wales fees.