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Audit 09.03.16w

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MINUTES OF THE AUDIT COMMITTEE MEETING HELD ON MONDAY 16 MARCH 2009 PRESENT: Mr Mohamed Isap (Chair), Mr Alan Cotton, Mr John Whittaker. IN ATTENDANCE: Mrs Jane McCann (Director of Finance), Mr Greg Wilson (PwC), Miss Jenny Lee (PwC), Mr Trevor Rees (KPMG), Miss Caroline Jones (KPMG), Mrs Jean Tracy (Clerk). Introduction In the absence of Mr Steve Wolski it was agreed that Mr Mohamed Isap would chair the meeting. 1. APOLOGIES Apologies were received from Mr Steve Wolski, Mrs Julie Della Cuna, Mr Janaid Qureshi, Mrs Emma Casson (KPMG), Miss Helen Knowles (KPMG) and Mrs Sarah Jewett (PwC). 2. MINUTES OF THE LAST MEETING The minutes of the meeting held on 1 December 2008 were accepted as a true and correct record and were duly signed by the Chair. 3. MATTERS ARISING There were no matters arising not covered elsewhere in the agenda. 4. INTERNAL AUDIT REPORTS: Mr Trevor Rees presented the reports. He informed the Committee that two were “satisfactory” and two were “good” and that the audits had not raised any areas of concern. It was agreed that the Committee would review those reports were the grading was “satisfactory” – Marketing and Procurements & Payments. Audit 09.03.16w.doc Page 1 of 5 (i) Marketing 2008/09 The Auditors noted that this area was developing within the College following the appointment of the Strategic Marketing Manager. The report identified two recommendations ...
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Audit 09.03.16w.doc
Page 1 of 5
MINUTES OF THE AUDIT COMMITTEE MEETING
HELD ON MONDAY 16 MARCH 2009
PRESENT:
Mr Mohamed Isap (Chair), Mr Alan Cotton, Mr John Whittaker.
IN ATTENDANCE:
Mrs Jane McCann (Director of Finance), Mr Greg Wilson
(PwC), Miss Jenny Lee (PwC), Mr Trevor Rees (KPMG), Miss Caroline Jones
(KPMG),
Mrs Jean Tracy (Clerk).
Introduction
In the absence of Mr Steve Wolski it was agreed that Mr Mohamed Isap would
chair the meeting.
1.
APOLOGIES
Apologies were received from Mr Steve Wolski, Mrs Julie Della Cuna, Mr
Janaid Qureshi, Mrs Emma Casson (KPMG), Miss Helen Knowles (KPMG)
and Mrs Sarah Jewett (PwC).
2.
MINUTES OF THE LAST MEETING
The minutes of the meeting held on 1 December 2008 were accepted as a
true and correct record and were duly signed by the Chair.
3.
MATTERS ARISING
There were no matters arising not covered elsewhere in the agenda.
4.
INTERNAL AUDIT REPORTS:
Mr Trevor Rees presented the reports.
He informed the Committee that two
were “satisfactory” and two were “good” and that the audits had not raised any
areas of concern.
It was agreed that the Committee would review those
reports were the grading was “satisfactory” – Marketing and Procurements &
Payments.
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Page 2 of 5
(i)
Marketing 2008/09
The Auditors noted that this area was developing within the College following
the appointment of the Strategic Marketing Manager.
The report identified
two recommendations for improvement – both were medium priority – which
the auditors acknowledged was because the College was still in the process
of developing its marketing strategy.
The report also identified three areas of
good practice.
The
Committee
considered
the
management
responses
to
the
recommendations and noted the actions taken to date.
As usual, the
Committee will monitor the College’s progress against the recommendations
in the Audit Action Point Status Report.
The Committee noted the importance of an agreed marketing strategy.
It also
asked how the College monitored the effectiveness of the external agencies
with which the College was involved in marketing activities.
The Committee
was told that the Strategic Marketing Manager had presented a paper to
Policy & Resources Committee and that measures to assess effectiveness
are to be introduced.
The way in which this is reported have yet to be agreed
and the Committee will be kept informed of progress.
It was agreed that the Strategic Marketing Manager will be invited to the next
meeting and that the calendar of business of the Committee will be amended
to include an annual report.
Action:
CB/Clerk
Trevor Rees informed the Committee that the recommendations would be
followed up next year but that this would look at the processes in place and
not specifically value for money, unless asked to do so.
(ii)
Procurement & Payments 2008/09
The audit had looked specifically at the tendering/quotation process, approval
levels, etc. and was focussed at the process level.
The report identified two
medium and two low priority recommendations together with four areas of
good practice.
The Committee asked whether the 5/22 instances of non-compliance with
financial procedures was high.
It asked about and received information on the
ways in which staff are reminded of the financial procedures.
The Committee
discussed commitment accounting.
(iii)
Financial Planning & Budgetary Control 2008/09
The overall opinion was ‘good’ and there were no recommendations made in
respect of the processes reviewed.
Five areas of good practice were
identified and the Committee noted that there were no outstanding
recommendations from previous years.
(iv)
Strategic Planning & Performance Indicators 2008/09
The overall opinion was ‘good’ and there were no recommendations made to
improve the overall control environment.
Five areas of good practice were
Audit 09.03.16w.doc
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identified and the Committee noted that there were no outstanding
recommendations from previous years.
5.
LSC AUDIT OF WORK BASED LEARNING (WBL)
The Committee was reminded that the College had previously received a
qualified audit opinion.
The Committee was pleased to note that the audit
undertaken in January 2009 had resulted in an unqualified opinion and only
one medium priority recommendation.
It was agreed that the items on the Master Plan would be taken before the
next agenda item.
However, for ease of reference the minutes are recorded
in agenda item order.
6.
RISK MANAGEMENT UPDATE
The report was reminded of the monitoring and evaluation of the corporate
risks, as identified and discussed at the last meeting.
In view of the current
situation regarding LSC capital funding, the report covered the issue of the
risk surrounding the Master Plan.
The document contained the Master Plan AiP Risk Register which had been
sent to the LSC as part of the review of projects overall, together with the HE
Building Risk Register which was prepared as part of the Employers agent
monthly report.
The HE Building Risk Register covered the key risks, the key strategies and
their control – college structure and change control, site and statutory
undertakings, funding and finance, review and discussion.
The FE Master Plan Risk Register also contained the costed risks.
The paper
provided the Committee with information on the current capital funding
situation with the LSC and it was noted that the FE Master Plan was
discussed at every Executive, Board and Policy & Resources Committee
meetings.
The Committee was informed of the lobbying which had and which will
continue to take place.
A member of the Committee asked whether the
College had considered PFI (Private Finance Initiative) and was told that this
had been raised at the Board meeting on 13
th
March 2009 and that the
College had been asked to look into this option.
It was strongly suggested
that if the College were to go down the PFI route, it would need professional
support to understand the complexities.
In answer to a question from the Committee, the College confirmed that it
would not be subject to claims from the contractors.
The Committee was also
reminded that the LSC had encouraged colleges to develop and increase the
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size of their projects.
Some areas of the sector were now looking into taking
legal action against the LSC.
The Committee asked about the timescales and was told that colleges were
waiting for the report from Sir Andrew Foster which was due to be issued on
28
th
March 2009.
However, it would be early summer before any decisions
would be made and thus the College would expect longer and longer
timescales.
7.
MASTER PLAN UPDATE
(i)
(i)
FE
The paper updated the Committee on the summary costs, grant rates, College
contribution and timescale.
It also covered the current capital situation – the projects which had been
approved, the number of colleges and capital requirement for the 79 colleges
which had received Application in Principle (AiP) and the 65 colleges who had
submitted proposals.
The report provided the Committee with information on
the report which is being undertaken by Sir Andrew Foster, the prioritisation
exercise, the lobbying which is taking place by the AoC and others and the
likelihood that the LSC will require projects to be re-tendered.
..
The Committee noted the amounts of spend and committed costs for phases
3, 4 and 5 – motor vehicle, core and refurbishments.
The Committee also
noted that information from the LSC indicated that there would be no
additional money for compensation and that this would come out of existing
capital funding.
Design team work was continuing but the Committee was informed that this
was at the design team members’ own risk.
(ii)
(ii) HE
The report updated the Committee on the current position, the agreed name
of the building and funding for the building.
The cost plan was also included
and showed that the project was within budget.
The Committee noted the
reasons for the significant reduction in the contingency and the spend to date.
8.
PERFORMANCE INDICATORS – 2008/09 UPDATE ON PROGRESS
The Committee considered the report and noted that it had been amended as
requested and now included information on cut off points.
The College was asked for and gave an explanation of the implications of not
hitting the targets, e.g. for Train to Gain.
Audit 09.03.16w.doc
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9.
AUDIT ACTION POINT STATUS REPORT
The Committee noted the content of the report and the current status of the
agreed actions.
10. AUDIT SCHEDULE 2008/09 UPDATE
The Committee noted the updated schedule.
11. ANY OTHER BUSINESS
There were no items of any other business.
12. DATE OF NEXT MEETING
The next meeting of the Audit Committee will take place on Thursday 11 June
2009 at 5.30pm in FM13.
Signature: …………………………………………………
Date: ………………………………………………………