Issue - decisions

The Committee received an Audit Plan from Ernst & Young (EY) which summarised their approach to the audit of the financial statements and the value for money (VFM) conclusion for 2017/18. The Plan also highlighted what EY considered were the most significant audit risks emphasising the implementation of the new financial management system as a substantial risk.

In response the report, the Principal Accountant (Technical & Financial Accounting) explained that officers had chosen not to parallel run during the migration process but had carried out extensive user acceptance testing. This had included some aspects of parallel running of the old and new system.  Currently over 700,000 lines of data from April 1 2016 to January 2018 had been migrated to the new financial management system. In conclusion a staged approach had been taken to manage any risks that may have occurred.

The Head of Finance confirmed Cambridge Investment Partnership had transferred their year-end to March 31 2018 and would be able to produce their accounts within the time scale set.

Resolved (unanimously) to:

i.        Note the contents of the external audit plan.