Issue - meetings

To present Audit Wales’ report. 

To accept and approve the Audit Plan 2023.

The report was presented, noting that the Audit Plan and the accounts are not usually presented in the same meeting, but as the last Joint Committee meeting was postponed the Audit Plan is presented in this meeting. It was explained that the plan looks slightly different to those prepared by Audit Wales in the past, and that this is due to changes in international auditing standards. The Joint Committee was reminded that not one audit can provide absolute assurance that the statement of accounts is accurate and that auditors adopt a concept of materiality.

It was noted that due to the changes to international auditing standards auditors now have to do much more work on the risks, and attention was drawn to the risks discussed in the report. It was explained that the risk of management override is present in all entities and is therefore present in all audit plans in Wales, and that the auditors have no reason to believe that this is occurring in the GwE accounts. It was noted that the second risk is also general in nature and is therefore included in the majority of audit plans. In addition, it was explained that the third risk has been included due to amendments made to 22/23 accounts in the context of accounting
treatment of grant funding.

Attention was drawn to the fee raised for the work undertaken, noting it is approximately 15% higher than last year's fee due to inflation and changes in audit arrangements.

One member asked about the pension fund and whether GwE is in a situation to withdraw money from the fund. In response, it was confirmed that the fund is a separate entity to any of the authorities and the Joint Committee, and that it is revalued every 3 years. It was explained that the most recent revaluation occurred in April 2023, and as the funding level of the Gwynedd Pension Fund is healthy the contributions of employees were reduced overall. It was confirmed that withdrawal of funds is not part of Gwynedd Pension Fund policy and that contributions are reduced instead.

DECISION

To accept and approve the 2023 Audit Plan