Finance and Audit | My Assignment Tutor

Agenda item 3.2: Finance and AuditCommittee reportThe Finance and Audit Committee meeting held on Friday 11 September 2020.In attendance: Graeme Butler, Marcia Moore (alternate for Mike Moore) andJoy Morgan (Chair). Also in attendance was Ted Sharpie from Big Tickauditors.The primary purpose of the meeting was to review the draft annual financialreports for GR8Kare which are to be presented at the board meetingscheduled for 18 September 2020.Ted thanked Joy and her staff for being so hospitable when the auditors wereon site. Ted mentioned that, as with previous years, all the working papersprovided were excellent, and that the auditors had only identified a couple ofmaterial adjustments, which have now been fixed.When asked if there were any issues in the financial statements that shouldbe brought to the board’s attention, Ted highlighted the following:The board needs to ensure that it is comfortable that GRS Kare canmeet its debts as and when they fall due, given changes to the Diocesefinancing• The board needs to ensure that none of GR Kare’s assets, especiallythe intangible assets, are impaired.• The board should review the controls around revenue recognition andcollection, especially with recent changes to accounting standards inthis areaTed was then asked if he intended to issue an unmodified or ‘clean’ auditreport. Ted’s response was that he was still considering the issue of goingconcern and the relevant disclosures in the financial statements. He wouldmake a final decision on this, based on the accounts approved by the directors.Ted left the meeting and some discussion ensued in relation to the internalcontrol issues mentioned by Ted. The committee agreed that this aspect ofthe organisation should be reviewed by internal audit in the next six months,in order to ensure there are no issues for next year’s audit.Joy mentioned that she was very happy with the performance of Big Tick.and thought their fees were reasonable. It was therefore agreed torecommend that Big Tick be reappointed as auditors for the 2020/21financial year.Joy MorganStand-in Chair

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