Issue - meetings
Tower Hamlets Pension Fund - Annual audit fee 2009/10
Meeting: 29/09/2009 - Audit Committee (Item 6)
6 Tower Hamlets Annual Governance Reports 2008/09 - Council's Accounts and Pension Fund PDF 13 KB
Report to follow.
Additional documents:
Minutes:
Reasons for special circumstances and urgency Agreed.
Mr Jon Hayes (District Auditor) presented the Annual Governance reports. Mr Hayes anticipated that he would be able to give an unqualified opinion on the accounts on 30th September 2009.
He stated that in completing the audit work, he had identified two material misstatements. The Council undertook an asset verification exercise which identified that £120m of assets were incorrectly included in the previous year’s balance sheet. This prior year error was incorrectly accounted for as an in-year adjustment rather than by re-stating the previous year’s balance sheet. A long term debtor of £24.4m relating to PFI deferred consideration was incorrectly classified as a short term debtor. Management agreed to adjust the accounts in relation to these matters.
His work also identified non – trivial misstatements regarding Leaseholder Chargers and HMRC creditors that management had decided not to adjust. Details of these matters were set out in the Addendum tabled. Mr Hayes reported that the letter of representation included specific representations to seek assurance that the Committee was satisfied that the accounts were materially correct with regard to these items. A revised version of the letter including the unadjusted misstatements was attached to the Addendum for approval.
In relation to the Pension Fund Accounts, Mr Hayes reported that the audit had identified a number of misstatements as set out in page 8 of the report. He also reported that in considering the Annual Pension Fund Report, he identified a number of inconstancies between the Pension Fund Annual Report and the accounts. Management had agreed to adjust the accounts and annual report in relation to these matters.
Mr Alan Finch (Service Head, Corporate Finance) reported that in relation to the unadjusted misstatements, the intention was to give further consideration to the amendments following the closure of the accounts and following this make any adjustments necessary in 2009/10.
Resolved: That the Governance Reports on the audit undertaken on the Pension Fund Accounts and the Council’s Accounts for 2008/09 be noted.
ACTION BY: John Hayes (District Auditor, Audit Commission)
Meeting: 29/06/2009 - Audit Committee (Item 8)
8 Tower Hamlets Pension Fund - Annual Audit Fee 2009/10 PDF 28 KB
Minutes:
Mr Jon Hayes (District Auditor, Audit Commission) introduced the report of the Audit Commission.
The report confirmed the audit work they proposed to undertake for the 2009/10 financial year on the Tower Hamlets Pensions Fund. Following a brief discussion, it was RESOLVED that the report be noted.
ACTION BY: John Hayes (District Auditor, Audit Commission)