Agenda and minutes

To approve as a correct record the minutes of the previous meeting held on 24 March 2016.

The minutes of the meeting held on 24 March 2016 were approved as a correct record and signed by the Chairman.

An apology for absence was received from Councillor Mike Beech.

In accordance with the Council's current Code of Conduct (adopted July 2012), which includes all the provisions relating to Disclosable Pecuniary Interests (DPI), personal and prejudicial interests, Members are asked to declare any DPI and also any personal interests (and whether or not such personal interests are also "prejudicial") in relation to any matter on the agenda for this meeting.  A DPI is defined in The Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012 (SI 2012 No. 1464) and Appendix 3 of the Council’s Code of Conduct. A personal interest is defined in paragraph 2.8 of the Code and a prejudicial interest is defined in paragraph 2.9.

There were no declarations of interest.

There were no members of public at the meeting.

Councillors are requested to note that the next Audit Committee meeting is scheduled to be held at 10.00am on 26 May 2016 in the Main Committee Room, Brympton Way, Yeovil.

Members noted the next meeting of Audit Committee was scheduled for 10.00am on Thursday 26 May 2016 in the Main Committee Room, Brympton Way, Yeovil.

Elizabeth Cave, Director of Grant Thornton, presented the Audit Plan for 2016/17 as detailed in the agenda report. She noted the plan was in the same format as previous years, and highlighted several elements for the year including:

·         reference to devolution

·         a challenge would be the earlier timetable for closure of the accounts

·         development and requirements

During a brief discussion, the Director of Grant Thornton and the Assistant Director (Finance and Corporate Services) responded to points of detail including an explanation of the term materiality and aspects of the valuation of assets.

The Chairman suggested it would be beneficial for the Audit Committee to have a separate discussion about the valuation of assets. It was agreed an item would added to the Forward Plan for July. Members were content to note the Audit Plan.

The Principal Accountant presented the report that asked the Audit Committee to approve the accounting policies for 2015/16 in order that the Statement of Accounts could be prepared. She noted there were no changes to the policies since last year.

During a brief discussion, the Principal Account and Assistant Director (Finance and Corporate Services), provided further information in response to points of detail raised. At the conclusion of discussion, members were content to approve the Accounting Policies.

Members noted the following additions and amendments to the Forward Plan:

Amendments:

·      Internal Audit Quarter 4 Update / Annual review – move to June

·      Review of Internal Audit – move to June

·      2015/16 Annual Governance Statement – move to June

Addition:

·      Valuation of Assets – July

The Assistant Director (Finance and Corporate Services) suggested that as the May meeting had a light agenda, members may like to receive a training session on the accounts to include issues raised during discussion of the External Audit Plan, and this was agreed.