audit committee meeting - the Law Society`s governance website

AUDIT COMMITTEE MEETING
Monday 23 March 2015 at 10.50
in the
Six Clerks room,
The Law Society, 113 Chancery Lane, London, WC2A 1PL
There is a private session for Committee members only which will commence at 10.30
AUDIT COMMITTEE
The Audit Committee will meet on Monday 23 March 2015 at 10.30
in the Six Clerks room, 113 Chancery Lane, London
* paper to be produced
LEAD
AGENDA ITEM
STATUS
TIME
1
Chair's briefing and Questions
Committee members only
Bob Spedding
10.30
2
Chair's opening comments
1) Apologies.
2) Declarations of Interest.
3) Part 1 & 2 Minutes of the meeting
held on 18 February 2015.
Bob Spedding
10.50
Helen Herniman
Matthew Robinson
PwC
10.55
PwC
12.15
Tommy Hyun
13.00
3
4) Action Lists.
5) Part 1 & 2 Matters Arising.
6) Notification of Any Other
Business.
31 October year end financial statement matters for consideration:
1) Going Concern.
2) Assigned Risk Pool - Revisit of
2013 actuarial valuation.
3) Policy on the frequency and basis
of actuarial valuation of the
Assigned Risk Pool Provision.
4) Consideration of 2014 year end
property valuations.
5) Timetable for review of change in
accounting convention for the
2016 year end financial
statements.
6) Commercial investments review.
7) Draft 2014 year end consolidated
financial statements.
4
External Audit Report from PwC
5
Internal Audit Assurance Report 2015
LUNCH 13:15-13.40
Page 1 of 4
Audit Committee agenda - 23 March 2015
© 2015 The Law Society
6
7
Business Issues Update (for the Audit
Committee to be aware of)
1) The Law Society
2) Solicitors Regulation Authority
3) Corporate Solutions
Outstanding Balance and Compensation
Fund
8
Internal Control Framework
9
Terms of Reference for the Audit
Committee
Update on proposed Committee meeting
dates for 2016
Private Session with PwC
Committee Members and PwC only
Review of Meeting
Committee Members only
10
11
12
13.40
Catherine Dixon
Paul Philip
Alan Vallance
Matthew Robinson
14.00
Alan Vallance
14.25
The Chair
14.35
Agatha Uchendu
14.40
Committee Members
PwC
14.45
The Committee
15.00
Please note the meeting is expected to finish at 15:30
Membership
Bob Spedding, Chair
Jane Clarkson
Linda Lee
Linda McHugh
Peter Phippen
Murray Ross
Jeremy Tatham
2015 Meetings
Wed 24 June 2015
Wed 23 September 2015
Tues 1 December 2015
(10.00am, 113 Chancery Lane, London)
(10.00am, 113 Chancery Lane, London)
(10.00am, The Cube, Birmingham)
Page 2 of 4
Audit Committee agenda - 23 March 2015
© 2015 The Law Society
Terms of reference of the Audit Committee (as stated in the General Regulations
October 2014)
44(1) The terms of reference of the Audit Committee are –
(a)
to assist and advise the Management Board and the Business and Oversight
Board in ensuring that the accounts and financial statements of the Society are
balanced, fair and in conformity with the applicable accounting standards;
(b)
to advise the Management Board on the appointment of the Society’s auditors
and generally to oversee their work and the value for money of the services
they provide;
(c)
to liaise with the auditors as required, to oversee any action to be taken in the
light of the auditors’ management letter, to confirm where appropriate that there
are no outstanding matters raised by the auditors, and to inform the Council, the
Business and Oversight Board and the Management Board accordingly;
(d)
to keep under review the systems of internal control, risk management and
internal audit within the Society, including whether those systems are
properly resourced;
(e)
to keep under review compliance by the Society with the Combined Code on
Corporate Governance and Guidance on Internal Control and to advise the
Council, the Business and Oversight Board and the Management Board
generally on all corporate governance matters; and
(f)
to advise the Council, the Business and Oversight Board and the
Management Board generally on all aspects of audit and financial control
within the Society.
(2)
The Audit Committee may obtain advice from any external source on any aspect of its
terms of reference, taking proper account of budget availability, and may invite outside
advisers to attend its meetings.
(3)
The Audit Committee may report directly to the Council on any aspect of its terms of
reference and may report to the SRA Board on any aspect of its terms of reference
affecting that Board.
(4)
The Audit Committee may seek information and copies of any papers relevant to any
aspect of its terms of reference as it may stipulate from any Council, board or
committee member (including members of the SRA Board), or from any member of
the Society’s staff (including members of the staff of the SRA); reporting any failure to
comply with such requests to the Council for decision.
(5)
The Audit Committee shall be empowered to direct any member of the Society’s
staff (including members of the staff of the SRA) to attend any of its meetings for the
purpose of giving information on any aspect of its terms of reference, reporting any
failure to comply with such a direction to the Chief Executive or the SRA Chief
Executive, as the case may be, as a matter for possible disciplinary action.
Page 3 of 4
Audit Committee agenda - 23 March 2015
© 2015 The Law Society
AUDIT COMMITTEE
18 February 2015
The Fetter room, 113 Chancery Lane, London
10:00 - 15:00
Part 1 (Public) Minutes of the Meeting
Present
Bob Spedding
Jane Clarkson
Linda Lee
Murray Ross
Jeremy Tatham
Chair
Apologies
Linda McHugh
Peter Phippen
In attendance
Alan Vallance
Helen Herniman
Agatha Uchendu
Matthew Robinson
Andy Taylor
Judi Armstrong
Kate Wolstenholme
Andrew Caplen
Jonathan Smithers
Catherine Dixon
Paul Philip
Richard Collins
Item 1
1.1
Chief Operating Officer
Chief Finance Officer (by video conference) (items 1- 5)
Management Board Liaison and Committee Secretary
Head of Financial Accounting (items 1- 5)
Interim Head of Group Risk and Assurance
Senior Assurance Manager, PwC
Partner, PwC (by telephone) (items 1- 5)
President, The Law Society (items 1-4)
Vice President, The Law Society (items 1-4)
Chief Executive, The Law Society (items 1-4)
Chief Executive, Solicitors Regulation Authority(items 1-5)
Executive Director, Solicitors Regulation Authority
Welcome and Apologies
The Chair welcomed Jonathan Smithers and Catherine Dixon, who commenced as Chief
Executive of the Law Society, on 5 January to the meeting.
Grenville Page resigned from the Committee at the beginning of the year. Tim O'Sullivan had
given his apologies to the Chair.
Item 2
2.2
Chair's opening comments
Minutes of the meeting on held on 2 December 2014
2.3
The Committee approved the public minutes of the meeting on 2 December 2014.
Action Lists
AU
AU
Item 9
The Committee noted that the Committee Secretary would ensure that the matters arising
from the minutes had been actioned before being moved to the closed lists.
Any Other Business
There was no other business.
The meeting finished at 15.00. The next meeting is scheduled for the 23 March 2015 in 113 Chancery Lane
Page 1 of 1
(Public) Audit Committee minutes: 18 February 2015