Agenda item - Public Sector Internal Audit Standards

Report of the Executive Director of Finance & Resources (copy attached).

94.1         The Committee considered a report of the Executive Director of Finance & Resources in relation to Public Sector Internal Audit Standards. The report informed the Committee of the new Public Sector Internal Audit Standards (PSIAS) which came into effect on 1 April 2013. The report also set out the key changes highlighting areas where these differ from the previous Code of Practice for Internal Audit in Local Government (produced by Chartered Institute of Public Finance Accountants “CIPFA”).

94.2         Councillor Hamilton noted there were several new aspects involved in the report, and it would take some time to determine the full extent of the impact of the new Standards.

94.3         RESOLVED:

        i.            That the Committee note the key changes associated with the Public Sector Internal Audit Standards effective from 1 April 2013; and

      ii.            That the Committee note that action will be taken to implement the requirements of the new standards, as required.