. proper accounting records had been kept; and . the financial statements agree with the accounting records. The Committee also reported that, based on the work of the financial statements auditor, it can advise the Resources Committee and the Corporation that, in fulfilment of the Corporation’s responsibilities: . suitable accounting policies had been selected and applied consistently; . judgements and estimates had been made that are reasonable and prudent; . applicable accounting standards had been followed; and . it had been appropriate to prepare the financial statements on the going concern basis. The Committee reported that are no matters of concern in relation to the adequacy of controls applied in the preparation of the financial statements, or otherwise reported by the financial statements auditor, and that the Corporation is therefore recommended to approve and authorise the signature of the Statement of Corporate and Internal Control and the Statement of Responsibilities of the Members of the Corporation contained within the Annual Report and Financial Statements. It was noted that the for post-balance sheet ‘window’ events remains open until the date on which they are signed, but that none have at present been identified. 9 Internal Audit Service Annual Report 2015-16 A draft report prepared by the Internal Audit Service was received and considered. The Internal Audit Service confirmed that they are satisfied that sufficient internal audit work had been undertaken in the areas noted in paragraph 1.8 of the Report to allow them to draw a reasonable conclusion as to the adequacy and effectiveness of those processes, and that in their opinion the College has adequate and effective management, control and governance processes in the areas examined by them which should enable it to manage the achievement of its objectives. Members recommended the Report for the attention of the Corporation.. 10 Internal Audit Plan 2016-17 A draft plan prepared by the Internal Audit Service was received and considered.
. proper accounting records had been kept; and . the financial statements agree with the accounting records. The Committee also reported that, based on the work of the financial statements auditor, it can advise the Resources Committee and the Corporation that, in fulfilment of the Corporation’s responsibilities: . suitable accounting policies had been selected and applied consistently; . judgements and estimates had been made that are reasonable and prudent; . applicable accounting standards had been followed; and . it had been appropriate to prepare the financial statements on the going concern basis. The Committee reported that are no matters of concern in relation to the adequacy of controls applied in the preparation of the financial statements, or otherwise reported by the financial statements auditor, and that the Corporation is therefore recommended to approve and authorise the signature of the Statement of Corporate and Internal Control and the Statement of Responsibilities of the Members of the Corporation contained within the Annual Report and Financial Statements. It was noted that the ‘window’ for post-balance sheet events remains open until the date on which they are signed, but that none have at present been identified. 9 Internal Audit Service Annual Report 2015-16 A draft report prepared by the Internal Audit Service was received and considered. The Internal Audit Service confirmed that they are satisfied that sufficient internal audit work had been undertaken in the areas noted in paragraph 1.8 of the Report to allow them to draw a reasonable conclusion as to the adequacy and effectiveness of those processes, and that in their opinion the College has adequate and effective management, control and governance processes in the areas examined by them which should enable it to manage the achievement of its objectives. Members recommended the Report for the attention of the Corporation.. 10 Internal Audit Plan 2016-17 A draft plan prepared by the Internal Audit Service was received and considered.
2016-11-15%20Minutes%20(Audit).docx