Public reports pack Thursday 09-Jul-2015 19.00 Corporate Committee

Internal AuditReport 2014/2015Page 30FINALWe would like to thank Patrick Pedder (Head of Finance), Candice Cupid (Finance Manager), Shida Ashrafi(Head of Human Resource Operations), Steve Davies (Head of Human Resources and OrganisationalDevelopment) and their teams for their assistance during the review.Management commentsLambeth Living along with five other boroughs migrated its general ledger system from Oracle 11i to Oracle 12.This implementation resulted in a change in the controls of the Accounts Payable system, the use ofcommitment accounting, payroll journals being posted directly to the ledgers and the implementation of theOracle Business Intelligence reporting tool.Lambeth Living in collaboration with the Council have managed the critical risks of ensuring contractors andemployees are being paid in a timely manner and that management accounts are being issued on a monthlybasisOracle 12 system issues and delays from the Council have resulted in a delay in the performance of monthlybalance sheet reconciliations. Whilst these are factors outside the control of Lambeth Living, mitigating actionssuch as a weekly review of the bank account have been put in place. Bank and payroll reconciliations up toDecember 2014 have now been received from the Council.Internal audit report forLambeth Living Limited PwC 2