Issue - meetings

Decision:

That the report be noted.

NPT Officers, went on to update the Committee on the detailed Audit Plan for 2023.

Members were informed the plan is set at an annual basis and had originally been shared in June 2023. It was stated the plan had been shared at a later date than previous years, which had not been anticipated.

The plan sets out key responsibilities for the year, in particular surrounding financial and performance details. It was highlighted that the plan was the first prepared under the revised auditing standard, as set out in appendix 1 of the plan. It was also highlighted the change was across an industry scope.  Audit Wales went on to state the change had a large impact on how audits were now being documented.

Another key change members were privy to, were the skill mix on the audit.

A major risk that had been identified in the significant financial risks, were the management override of controls, present in all entities. Several audit procedures were identified to access key financial statements.

Areas of key focus had been identified in exhibit 2, predominantly the pension fund liability and the valuation of land and buildings.

Members attention was drawn to page 30 of the audit plan, where areas of focus were identified as being value for money arrangements, assurance and risk assessment, financial sustainability and procurement and contract management arrangements.

Audit Wales went on to draw the committee attention to page 32 of the audit plan, and details of the audit fee. Members were informed the fee was the result of the impact to the revised standard. Rates had increased by 4.8% due to inflation. A 10.2 % increase for the financial audit work across all sectors.

The Chair reminded the Committee, that the use of acronyms were still being shown throughout reports.

Decision:

That the report be noted.