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To report to the Board on the Audit Committee meeting held on 23 November 2006.
For information only. No action required.
3.1 Mike Pears, from DfES, introduced himself as the new Audit Committee member.
3.2 The minutes of the May Audit Committee meeting were agreed and it was confirmed that all action points had been completed.
3.3 Ian Orpwood presented the final IA Annual Assurance Report for 2005-06. He confirmed that VOA were taking forward the agreed recommendations. It was agreed that the final report on 2006-07 would be presented to the Audit Committee at its May meeting.
3.4 Ian provided an update on the 2006-07 plan. The remaining days had been allocated at a meeting in September between Ian and Andrew Hudson. It was anticipated that final outturn would be between 740 and 760 audit days. It was agreed that this flexible approach, where the audit plan was not finalised until mid-year to allow for changing circumstances, was helpful and should be continued with.
3.5 Ian updated the Committee on progress against the 2006-07 plan.
3.6 Ian summarised his approach to preparing the 2007-08 Internal Audit Plan. It was agreed that he would submit this to the Audit Committee in February.
3.7 Barny Todd provided the Committee with a verbal update on ERP.
3.8 Keith Lloyd presented the NAO Management Letter on the 2005-06 Audit. It was noted that VOA had undertaken an 11 month hard close for the first time and this had worked well. There were four recommendations, none of which was a Priority One. These had been agreed and were being taken forward. It was agreed that future Management Letters would include an implementation timetable.
3.9 Keith presented the NAO Audit Strategy for 2006-07. This would be taken forward by Steve Ardron, the new Audit Director, supported by Emma Huxley, the Audit Principal who had led the 2005-06 audit. This would provide welcome continuity. VOA would continue with the 11 month hard close. Steve Ardron would report on the interim audit at the February Audit Committee and the plan was to present the final accounts to the Committee for approval on 22 May.
3.10 Sue Townsend provided an update on Risk Management. The Audit Committee approved the approach that was being taken by the Management Board. Sue would meet separately with Mike Pears to discuss ideas for input to the MB workshop in December.
3.11 Keith Lloyd provided a verbal public sector update.
3.12 The Audit Committee report to the May Management Board was provided for information.
3.13 The next Audit Committee meeting would be on 22 February at 14.00
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