merchanting metals update several related issues resulted increase level operating risk merchanting metals business complexities surrounding operation balance sheet facility obsf commenced two weeks year end uncertainty generated revocation aa signoff facility late year end audit discovery number bugs within 400 merchanting code arising release obsf designed functionality compounded operational burden supporting obsf requirement amend operational process obsf code result current renegotiation obsf barclays aa senior developer merchanting resigned sent gardening leave corporate requirement lower working capital usage merchanting business irrespective parochial business issues various mitigating actions taken provide focus gain comfort control levels provide assurance senior management accuracy ql dpr business balance sheet implementation sap merchanting business delayed effectively decoupled higher risk higher benefit brokerage implementation benefit provide sole focus obsf merchanting developers ar ap sap data quality reviews businesses continuing provide detailed analysis end ql middle office instigated new daily working capital report process tracking cash settlement funding data working capital components metals businesses enhanced position signoff process implemented prior end ql covering gross tonnage spread positions summarised analyses brand locations necessary report functionality available within 400 however contingencies initiated build tactical vba excel reports outside 400 using 400 data downloads user requests additional 400 functionality reports aggressively prioritised code freeze commence prior end ql following delivery three reports determined minimum requirements support obsf resubstantiation full ql dpr completed risk control staff reconciling full trial balances ql open ql close full internal balance sheet review completed within ql audit timetable incorporates full circularisation inventory balances matching source documentation within enron inspection certain inventory balances third party inspectors expectation circularisation replies received timely basis substantive checks back source contract documentation forward priced unpriced positions report spot checking key position report signed traders full reconciliation recalculation obsf option premium values full reconciliation contracts within obsf barclays documentation thereby substantiating existence stock option purchase 400 barclays account risk based debtors review matching source documentation applicable subsequent post quarter end cash movements full substantiation creditors internal contract commitments external documentation invoices request payment full reconciliation intercompany accounts full substantive reconciliation cash funding accounts intend provide weekly updates status actions april questions please call x 34703 regards mike