Contents
Report 5 of the 15 June 2009 meeting of the Corporate Governance Committee, with the proposed fee from the Audit Commission for 2009-2010.
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External Audit Fee 2009-10 and Audit Opinion Plan
Report: 5
Date: 15 June 2009
By: Treasurer
Summary
The Audit Commission has submitted its proposed fee for 2009-10.
A. Recommendation
That the 2009-10 audit fees be approved.
B. Supporting information
1. The District Auditor has written to confirm the audit work that the Audit Commission proposes to undertake for the 2009/10 financial year at the MPA and MPS. Its fee is based on the risk-based approach to audit planning as set out in the Code of Audit Practice and work mandated by the Audit Commission for 2009/10; and reflects only the audit element of its work, excluding any inspection and assessment fees.
2. As the audit for 2008/09 has not yet been completed, the audit planning process for 2009/10, including the risk assessment, will continue as the year progresses and fees will be reviewed and updated as necessary.
3. The proposed indicative fee for the audit for 2009/10 is £516,000, an increase of 1.2% on the planned fee of £510,000 for 2008/09 (appendix 1).
4. Also attached is the Audit Opinion Plan for 08/09 which updates the earlier 08/09 overall audit plan and confirms that the Audit Commission do not consider the risk environment to have changed sufficiently to warrant a change to the original 08/09 audit fee (appendix 2).
C. Race and equality impact
There are no direct implications on equalities and diversity arising from this report.
D. Financial implications
None arising directly from this report. The 2008-09 audit fee can be met from within existing MPA budget.
E. Background papers
None
F. Contact details
Report author: Ken Hunt Treasurer, MPA.
For information contact:
MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18
Supporting material
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