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External Audit Plan Progress Report

20/06/2018 - External Audit Plan Progress Report 2017/18 - Ernst & Young, External Auditors

The External Audit Manager, Ernst & Young, reported on their progress against the 2017/18 Audit.


They noted that changes under the Accounts and Audit Regulations 2015 had resulted in the accounts being closed a month earlier and the timescale for the External Audit report brought forward by two months.  Although this had inherent risks a programme of activity had allowed a significant proportion of the work to have been completed in advance.


The only area of significance was the material changes in the valuation of Bushey Golf and Country Club and Elstree Film Studios.  The valuation of the Bushey Gold and Country Club was being reviewed by the Ernst & Young Internal Valuer due to its specialist nature.


Finally they reported that the dates for site visits had been set and they were currently on target to hit the July Audit Committee as planned.


RESOLVED that the information contained in the 2017/18 Audit Progress Report from Ernst and Young be noted.