Issue - meetings

The committee received a report from the Principal Accountant (Technical & Financial Accounting) regarding the External Audit 2014/15 and an Audit Plan from the Director of Ernst & Young.

In response to members’ questions the Director of Ernst & Young said the following:

i.             Materiality was defined as the level at which an omission or error would mislead a lay person.  This was a matter on which every auditor exercised their professional judgement.  

ii.            The valuation of the investment in the CCLA Property Fund on p168 of the report was identified as risk partly because the investment was new and because the value was above the threshold.

Resolved (unanimously) to:

          i.             Note the contents of the external audit plan.