Agenda item - Ernst & Young Fee Letter 2012-13
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Agenda item
Ernst & Young Fee Letter 2012-13
- Meeting of Audit & Standards Committee, Tuesday, 22nd January, 2013 4.00pm (Item 70.)
- View the background to item 70.
Report of the Director of Finance (copy attached).
Minutes:
70.1 The proposed annual fee was set out in a letter at Appendix 1 to the report; the fee letter outlined the planned audit fee and the proposed work programme.
70.2 Councillor Wealls asked if the savings would be generated through additional support from internal audit; in response the Director of Finance explained that the current budget provision took all audit savings as a single saving; however, this was not the original intention and it was now envisaged that some of this could be retained for audit. Officers would be looking for a means for put this back into the budget process.
70.3 Councillor Sykes noted that the procurement was for 5 years and asked for more information on what factors might cause the fee to rise in subsequent years. In response it was explained that the scale fee was set based on the level of perceived risk; and to an extent internal audit was an indicator to help set the level. If the external auditors felt more work was necessary they would liaise with the Director of Finance; in the past internal audit had been proactive in providing additional support.
70.4 RESOLVED –
i. That the Committee review the fee letter and raise any questions with the external auditors
ii. That the Committee approve the proposed fee letter.
Supporting documents:
- Ernst & Young fee letter 2012-13, item 70. PDF 65 KB View as HTML (70./1) 78 KB
- Fee Letter, item 70. PDF 52 KB