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The Implications of IFRS and the new Audit Committee Handbook

The Implications of IFRS and the new Audit Committee Handbook. Lee Shedden Head of Financial Accounting Health Finance The Scottish Government. The new Audit Committee Handbook. Mainly directed at Scottish Government portfolio audit committees

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The Implications of IFRS and the new Audit Committee Handbook

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  1. The Implications of IFRS and the new Audit Committee Handbook Lee Shedden Head of Financial Accounting Health Finance The Scottish Government

  2. The new Audit Committee Handbook • Mainly directed at Scottish Government portfolio audit committees • NHS Scotland Audit Committee Handbook still applies • Useful in terms of describing the flow of accountability and assurance in the Scottish Government

  3. ANNEX B: MAP OF ACCOUNTABILITY IN THE SCOTTISH GOVERNMENT

  4. Providing Assurance • The Statement on Internal Control is the key communication of assurance from the Accountable Officer • Refer to guidance issued to Accountable Officers • Ensure that disclosures are appropriate • Letter to Chair of Health & Wellbeing portfolio Audit Committee

  5. Implications of IFRS • Changes to accounting treatment highlighted • Restated balances submitted • Review Auditors’ recommendations • NHS Scotland Transition project supported by PwC and TAG

  6. IFRS Impact on Funding • Estimated budgetary impact submitted • Main impact identified as PFI • Anticipate funding to be adjusted for IFRS • Refine estimates in line with developing guidance • Submission to HM Treasury in September 2009

  7. IFRS Impact on Accounting • IFRS applies from 1 April 2009 • Shadow IFRS accounts require to be prepared for 2008-09 • Shadow accounts submission 3 months after actual accounts • Audit Review of shadow accounts

  8. IFRS Transition Project • Phase I completed with restated balances submission • Phase II to develop NHSScotland guidance • Incorporate SG IFRS Application Notes • Replace current NHS accounting manuals • TAG and Board approval of revised guidance by July

  9. IFRS Impact on Planning • Need to highlight impact of IFRS outwith finance department • Managers to be aware of how their decisions will impact on funding • Message to highlight areas to request finance consideration of • Audit committees should ensure that Boards have robust plan in place

  10. Equal Pay • Audit reporting being considered • Inability to quantify equal pay claims submitted – inherent uncertainties • Accounting treatment appropriate • Value of Audit Opinion Report and communication to stakeholders • Handling of reporting by auditors

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