The meeting focused on various administrative and financial issues, including the external audit findings, the transformation program, and contract management. Key decisions and discussions revolved around the audit findings, financial strategies, and the progress of transformation programs.

External Audit Findings

The external audit findings report was discussed, highlighting material errors in the accounts. Barry Morris from Somerset and Ben Bryant, Head of Corporate Finance, explained the ongoing audit work and the need for additional resources to provide the required evidence. The audit is not expected to be concluded by June.

Transformation Program Risks

Duncan Sharkey and Louise Patten presented the risks associated with the improvement and transformation program. They discussed the importance of aligning the program with corporate risk management and the need for regular updates to the audit committee. The committee emphasized the need for clarity among the workforce regarding the program's impact and timelines.

Contract Management

Gary presented the contract management update, focusing on the need for improved category management and commissioning. The committee recommended mandatory training for all contract managers within three months of taking up their posts. The importance of a single contract register and the monitoring of social value commitments were also highlighted.

Treasury Management

Anton and Alan provided updates on the revised Treasury Management Strategy and the annual report for 2023/24. The revised strategy includes updated prudential indicators to accommodate potential additional debt from the Gravity project. The committee approved the revised strategy and noted the annual report.

Aged Debt

Ben Bryant discussed the aged debt position, highlighting the complexities of consolidating legacy debts and the need for improved systems and processes. The committee emphasized the importance of timely debt collection and the need for regular updates on progress.

Audit Committee Work Plan

The committee reviewed the work plan, noting the need for balanced agendas and the inclusion of emerging issues such as risk management and debt recovery. The importance of regular updates on the Somerset Council audit and the capitalization direction requirements was also discussed.

The meeting concluded with a consensus on the importance of continuous monitoring and updates on key financial and administrative issues.