Issue - meetings

Audit Wales to present.

To accept the Audit Wales report which highlighted the NWEAB's Audit Plan for 2024.

The report was presented by Matthew Edwards (Audit Wales)

RESOLVED:

To accept the Audit Wales report which highlighted the Ambition Board's Audit Plan for 2024.

DISCUSSION

The report was presented, and thanks were given for the opportunity to present the last audit plan of the Ambition Board. It was noted that the plan referred to the draft accounts being discussed during the meeting.

It was expressed that some elements of the plan needed to be highlighted in terms of reaching international audit standards namely highlighting the audit work together with timescales. It was expressed that no absolute assurance could be given as to the truth and fairness of the statements but that they adopted a concept of materiality. It was explained that the materiality level was set at 2%, however the plan had been based on last year's expenditure. Having seen the latest financial statement, it became clear that there had been a significant increase in expenditure and therefore the materiality level would need to be updated accordingly when the audit work was being undertaken.

The main risks were noted, one of which was the risk of management override but that this was present in all entities. Another risk highlighted was costing the net commitment/pension fund surplus along with implementing the international financial reporting standard -  Leases.   

It was noted that the audit fee was approximately £15,000. It was confirmed that the membership of the audit team was independent from the CJC but one threat to independence was noted in relation to the Audit Manager who is an acquaintance of a member of the Joint Committee's Operational Group. Appropriate steps would be taken to ensure that any potential conflict was managed.

Thanks were noted for the report.