MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
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<strong>COUNCIL</strong> MINUTES<br />
TUESDAY 27 NOVEMBER 2012<br />
AU12.5 INTERIM REPORT FOR THE YEAR ENDED 30 JUNE 2012<br />
PURPOSE <strong>OF</strong> REPORT:<br />
To consider the auditor’s interim audit report for the year ended 30 June 2012.<br />
BACKGROUND:<br />
As part <strong>of</strong> the annual audit program, the <strong>Town</strong>’s auditors conduct an interim audit each year<br />
and provide a management report on any issues identified. The <strong>Town</strong> has received the<br />
management report including the comments from the <strong>Town</strong>’s representatives in relation to<br />
the matters identified during the conduct <strong>of</strong> the interim audit.<br />
A copy <strong>of</strong> this Interim Audit Management Report is included as an attachment to this report.<br />
DETAILS:<br />
The interim audit covered a review <strong>of</strong> the accounting and internal control procedures in<br />
operation, as well as testing <strong>of</strong> transactions in the following areas:-<br />
• Rate receipts and rate debtors<br />
• Receipts and sundry debtors<br />
• Bank reconciliations<br />
• Purchase <strong>of</strong> goods and services<br />
• Payments and creditors<br />
• Payroll<br />
• General accounting and information system controls<br />
• Investments<br />
• Registers (Tender Register and Register <strong>of</strong> Financial Interests)<br />
The review also examined some compliance matters under local government statutory<br />
provisions.<br />
In conclusion, the Auditors reported that their review indicates that the controls in place were<br />
operating satisfactorily. Representatives from Macri Partners will be in attendance at the<br />
Audit Committee meeting to discuss the results <strong>of</strong> the interim audit and to answer any<br />
questions.<br />
In order to assist in improving internal controls, the following items have been brought to the<br />
<strong>Town</strong>’s attention, as follows:-<br />
Purchasing and Payments<br />
It was noted that the three purchasing <strong>of</strong>ficers within the <strong>Town</strong> also have the ability to<br />
purchase goods or services.<br />
Management Comments:<br />
The quantities or amount <strong>of</strong> goods and services purchased by the three <strong>of</strong>ficers in question<br />
is limited. Purchase limits are:<br />
Finance Officer - Purchasing $3,000<br />
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