Issue - meetings

To consider the Audit Plan provided by Audit Wales.

DECISION:

To accept and approve the Detailed Audit Plan 2024 by Audit Wales

Siwan Glyn (Audit Wales) was welcomed to the meeting to present the report

A report was presented by the Audit Wales Officer elaborating on the work Audit Wales intends to undertake to address audit risks for the GwE Joint Committee, 2024. It was noted that an audit of the financial statements would be completed together with a performance audit to assess assurance and risk.

In the context of financial statements' materiality, it was noted that materiality is calculated using 2023-24 actual gross expenditure of £17.8 million and reference was made to the significant risks for audit statements and audit risks.  It was added that the significant risk of management override is included in the detailed plan of every Authority. It was also noted that the audit risk of pension fund net liability has also been included in a number of plans and is not specific to GwE.

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. Attention was drawn to the fees, which had increased this year due to inflation and it was noted that Audit Wales will not profit from the work.

Cyngor Gwynedd Finance Officers were thanked for their support and cooperation.

A motion was made and seconded to approve the Plan.

          IT WAS DECIDED:

          To accept and approve the Detailed Audit Plan 2024 by Audit Wales.