Agenda item

Report of the Head of Internal Audit and Risk Management.

The Committee received a report of the Head of Audit & Risk Management providing an update on the internal audit reviews undertaken between June 2014 and September 2014 as well as further information on the progress being made on the completion of the 2013/14 Internal Audit Plan. An update was also provided in respect of the schedule of planned work for 2014/15

The Head of Internal Audit introduced the report and advised the Committee that since the paper had been published the two draft reports referred to in the summary (Projects - Extensions of Time and Interim Valuations) had now been finalised, with no red rated recommendations arising from either.

Members queried the description of the box office item within the internal audit scheduled work plan, suggesting that this conflicted with the business model for the Centre. It was agreed that the wording should be altered accordingly.

In response to queries around the planned decrease in the level of audits, the Chief Operating &Financial Officer confirmed that he was content sufficient coverage remained within the programme to provide comfort, adding that there would still be similar level of reviews as took place across other departments.

It was also clarified that the 15 day timeframe detailed for Control Self-Assessments did not include the time in which Barbican Centre staff would be required to fill in forms and so on in advance of audits.

With regard to the outstanding debt to the Centre owed by Searcy’s, it was clarified that the Centre would recover 50% of the costs from Searcy’s should they be unable to recover the full amount from the debtor. A Member asked if the Committee could be provided with a regular statement of bad debts associated with the Centre; it was agreed that this would come as part of the regular financial review papers and also noted that a write-off report would come to Members in early 2015.

RESOLVED: Members are asked to note the outcome from recent internal audit work and progress against the internal audit planned work.