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To report to the Board on the Audit Committee meeting held on 22 May 2007.
For information only. No action required.
3.1 Ian Orpwood presented the Internal Audit Annual Assurance Report for 2006-07, in which he gave a clean audit opinion.
3.2 Ian reported on progress in 2007-08. One audit had already been completed. In line with previous practice, a number of audit days in the SLA remained unallocated at this stage. This would enable Andrew to agree need with Ian in light of matters arising at their mid-year review of the audit programme in September.
3.3 Ian also reported on the annual review of corporate governance that had just been completed. The VOA had implemented the agreed action points from the previous year’s review and the status had moved from Amber to Green.
3.4 Barny Todd presented the VOA’s Annual Report and Accounts for 2006-07. These showed a surplus of £5.3m, a small increase on the previous year’s figure of £3.9m. The accounts had also been completed three days earlier than in 2005-06, despite the loss of certain key personnel.
3.5 Jim Judge reported on the NAO’s audit of the Annual Report and Accounts. Subject to some minor amendments and clearance of the Remuneration Report, he was content with the accounts. Any issues, which were not seen as significant in terms of number or severity, had been discussed with Finance and would be set out in the NAO’s Management Letter.
3.6 The Committee approved the accounts. Post meeting note: the Remuneration Report was cleared by the NAO the following morning and the Annual Report and Accounts were signed by Andrew and delivered to the NAO, the PMG for approval, and HMRC for consolidation by close on 23 May.
3.7 Andrew provided the committee with an update on risk management. There were no new strategic risks to report in the last quarter, and the review of key risks had enabled the downgrading of some of the existing risks in the register.
3.8 Dawn Johnson confirmed that the report on the February audit committee meeting had been presented to the Management Board in March.
3.9 The Committee’s annual report to the Board had still to be produced. It was agreed that this would be prepared though correspondence in June for submission to the Board in July.
3.10 There was no further business. It was confirmed that the next Audit Committee meeting would be held at 14.00 on 29 November 2007
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