To receive an External Audit Plan 2017-18.

Members received the External Audit Plan 2017-18.

During the discussion of this item the following points were made:

·         One significant risk ‘Misstatements due to fraud or error’ had been identified.  This was a mandated risk and not specific to Wokingham. 

·         Audit risks identified included valuation of land and buildings, pension liability valuation and financial statements presentation. 

·         No significant value for money risks had been identified to date.

·         Members were informed that for planning purposes, materiality for 2017/18 had been set at £6.8million.

·         The planned fee for 2017/18 was £112,800.

·         The timetable showing the key stages of the audit and the agreed deliverables was highlighted.  Officers were confident that the new July deadline would be met.

RESOLVED:  That the External Audit Plan 2017-18 be noted.