MINUTES OF A MEETING OF THE AUDIT COMMITTEE HELD ON ...
MINUTES OF A MEETING OF THE AUDIT COMMITTEE HELD ON ...
MINUTES OF A MEETING OF THE AUDIT COMMITTEE HELD ON ...
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IAS were that the controls were suitably designed and operating with sufficient<br />
effectiveness to provide reasonable assurance that the related risk management objectives<br />
were achieved during the period subject to the recommendations made.<br />
Learner number systems<br />
The report provided good assurance in the key area of learner number systems outlining a<br />
robust system. The report also commented on the good progress made against<br />
recommendations for improvement in last year’s report. The conclusions reported by the<br />
IAS were that the controls were suitably designed and operating with sufficient<br />
effectiveness to provide reasonable assurance that the related risk management objectives<br />
were achieved during the period.<br />
Ofsted Inspection follow-up<br />
The report approved by the Committee at the last meeting was presented outlining the<br />
progress made against recommendations from the Ofsted inspection in 2005. IAS<br />
concluded that the College had appropriate mechanisms in place for implementing and<br />
monitoring progress of recommendations.<br />
Data Security<br />
IAS reported to the Committee the significant progress which had been made in the area of<br />
IT. The report made several recommendations to build on the existing good practice in<br />
data security within the College but none were high priority. Members questioned<br />
management about the location and security around sensitive data and data protocols and<br />
requested a cost benefit analysis on the use of encryption to improve data security. The<br />
conclusions reported by the IAS were that the controls were suitably designed and<br />
operating with sufficient effectiveness to provide reasonable assurance that the related risk<br />
management objectives were achieved during the period.<br />
Merger<br />
The Committee received the report presented to the Corporation meeting in July on the<br />
decision making process on merger. This report was an additional review requested in<br />
relation to the identification by the Committee that a risk review on merger should be<br />
undertaken. Members received the report and noted it was considered helpful to the Board<br />
at the time it was presented.<br />
The Committee resolved:<br />
to adopt the IAS reports considered by the Committee.<br />
9. DUE DILIGENCE<br />
The Committee considered the key headlines from the due diligence report on ncn and how<br />
the risks identified were being mitigated in year.<br />
The report was noted.<br />
10. IAS ANNUAL REPORT 2007/08<br />
The draft Annual Report for 2007/08 was presented by Grant Thornton. Members noted<br />
this report formed an important part of the assurance mechanism for the statement on<br />
internal controls within the annual financial statements. The report concluded that controls<br />
were suitably designed and operating satisfactorily in the areas of risk management,<br />
corporate governance and internal system of controls, with the exception of the monitoring<br />
and management fees in connection with Train to Gain. Operational assurance was<br />
recorded as good in 5 out of the 7 areas in accordance with LSC guidance, and adequate in<br />
the area of managing risk in association with merger and economical and efficient use of<br />
resources.<br />
Members noted the increase of days and cost from budget was due to the additional review<br />
with regard to merger.<br />
Members requested the following changes to the report:<br />
• Text be altered to reflect the correct position with regard to merger<br />
• Identify specifically the additional work, time and cost of the merger review<br />
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