Of the 26 recommendations relating to 2009/10, 9 had been fully implemented since September 2010 and the remaining 17 were either partially implemented or had a future implementation date. Governors asked when an updated report may be expected. It was agreed that the Vice Principal Finance would produce a matrix which would be emailed to Members. The Committee: noted the report and requested that a matrix be produced outlining the recommendations which would be completed by March and those which would be carried over into 2011.
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EXTERNAL AUDIT MANAGEMENT LETTER Arlene Atkinson (KPMG) took the Committee through the Audit Highlights and Management Letter in Annex C summarising the main points in each section. The Committee noted the following points: The College had incorporated the FRS 17 adjustment into the income/expenditure account however this approach may need to be re-visited (but it was felt that this would not be retrospective) following an ongoing review of accounting practice The budget had been reviewed on a going concern basis as was standard practice across the sector. It was noted that there may be significant implications for some colleges, one being that credit may be more expensive and difficult to obtain. Colleges may be forced into merger or face closure. It was not felt to be an issue at this College The Vice Principal Finance explained that he was attending a KPMG presentation of the ACE diagnostic tool to the 157 Group in January There were no audit differences to report. The Committee: i. ii.
reviewed the College’s Report and Financial Statements for 2009/10; reviewed the Management Letter of the Financial Statements Auditors and that of the statement on Corporate Governance in the light of the financial statements, as required by the Audit Code of Practice.
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