TAILIEUCHUNG - Annual Audit Letter: Council of the Isles of Scilly Audit 2008/09

A broader but important consideration is whether the audit firm has the relevant industry expertise, as well as the geographical reach necessary to continue to serve the company, and whether the engagement team effectively utilizes those resources. Other firm-wide questions include the results of the audit firm’s most recent inspection report by the Public Company Accounting Oversight Board (PCAOB), including whether the company’s audit had been inspected and, if so, whether the PCAOB made comments on the quality or results of the audit. The audit committee also may want to know how the firm plans to respond to PCAOB comments. | Annual Audit Letter Council of the Isles of Scilly Audit 2008 09 November 2009 Contents Key messages 3 Financial statements and annual governance statement 5 Value for money conclusion 8 Closing remarks 10 Appendix 1 - Action Plan 11 Status of our reports The Statement of Responsibilities of Auditors and Audited Bodies issued by the Audit Commission explains the respective responsibilities of auditors and of the audited body. Reports prepared by appointed auditors are addressed to non-executive directors members or officers. They are prepared for the sole use of the audited body. Auditors accept no responsibility to any director member or officer in their individual capacity or any third party. Key messages Key messages This report summarises the findings from our 2008 09 audit. It includes messages arising from the audit of your financial statements and the results of the work I have undertaken to assess your arrangements to secure value for money in your use of resources. Audit opinion and financial statements 1 I gave an unqualified opinion on the financial statements of the Council on 30 September 2009. We identified a number of errors in the financial statements that required amendment. Value for money 2 We reviewed the areas on which we were required to make an assessment. We identified the need for further improvement in two criteria use of information and performance management and strategic asset management. The Council has acknowledged that arrangements need to be developed further and the action required to address these. We gave an unqualified value for money conclusion with the exception of these two areas. Table 1 Audit fees An additional audit fee was required for the audit of the financial statements Actual Proposed Variance Financial statements and annual governance statement 42 095 37 095 5 000 Value for money 22 653 22 653 0 Total audit fees 64 748 59 748 5 000 Additional work Performance management 5 800 5 800 0 Inspection 5 972 5 972 0 Total 76

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