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summary and recommendations  \nIntroduction  \nAs part of the Internal Audit Plan for 2017-18, Grant Thornton have undertaken a review of the budget and forecasting process, and key financial controls.  \nDecision  \nThe Committee is asked to review and discuss the report.  \nBackground information  \nSee Grant Thornton’s report, attached  \nResource implications  \nNone  \nFinancial implications  \nGrant Thornton’s agreed fees for 2017-18 were £47k including VAT.  \nAppendices  \nInternal Audit Report – Budgeting, Forecasting and extended Key Financial Controls Review  \nDate of paper  \n1 June 2018  \nPaul Rao  \nEngagement Lead  \nT: 0161 953 6303  \nE: [Paul.Rao@uk.gt.com](Paul.Rao@uk.gt.com)  \nAmit Patel  \nManager  \nT: 020 7728 3109  \nE: [Amit.M.Patel@uk.gt.com](Amit.M.Patel@uk.gt.com)  \nBhavin Patel  \nExecutive  \nT: 020 7383 5100  \nE: [Bhavin.D.Patel@uk.gt.com](Bhavin.D.Patel@uk.gt.com)  \nThe Health and Care Professions Council  \nBudgeting, Forecasting and extended Key Financial Controls Review  \nMay 2018  \n\n| Distribution |  | Timetable |  |\n| --- | --- | --- | --- |\n| For action | Andy Gillies, Finance Director | Fieldwork completed | 6 April 2018 |\n|  | Tian Tian, Head of Finance | Draft report issued | 14 May 2018 |\n|  | Andy Gillies, Finance Director | Management comments | 16 May 2018 |\n| For information | Marc Seale | Final report issued | 31 May 2018 |\n|  | Audit Committee |  |  |\n\nContents  \nSections  \n1 Executive Summary 1  \n2 Detailed Findings – Section A: Budgeting and Forecasting 5  \n3 Detailed Findings – Section B: Key Financial Controls 12  \nAppendices  \nA Internal Audit Approach 19  \nB Definition of audit issue ratings 20  \nGlossary  \nThe following terms are used in this report: HCPC – Health and Care Professions Council EMT – Executive Management Team  \nPO – Purchase Order  \nSage – HCPC’s Accounting System WAP – HCPC’s Procurement System  \nThis report is confidential and is intended for use by the management and Council members ofthe Health and Care Professions Council only. It forms part ofour continuing dialogue with you. It should not be made available, in whole or in part, to any third party without our prior written consent. We do not accept responsibility for any reliance that third parties may place upon this report. Any third party relying on this report does so entirely at its own risk. We accept no liability to any third party for any loss or damage suffered or costs incurred, arising out of or in connection with the use of this report, however such loss or damage is caused.  \nIt is the responsibility solely of the Health and Care Professions Council's management to ensure that there are adequate arrangements in place in relation to risk management, governance and control.  \n1 Executive Summary  \n1.1 Background  \nIt was agreed with the Audit Committee and Management that Internal Audit would perform a review of the budgeting, forecasting and selected key financial controls in place within HCPC.  \n1.2 Objective and risk areas  \nThe objectives of this review are:  \na) A high level review, based primarily on the design of the processes in place, of the budgeting and forecasting processes in place within HCPC. We independently assessed whether the processes are robustly designed and whether departments are providing appropriate levels of challenge to budgets and forecasts prepared.  \nb) Review the design effectiveness, with limited sample testing, of selected key financial controls in place, which are detailed below.  \nThe key risk areas we examined are:  \nBudgeting and forecasting:  \n􀁸 The budgeting and forecasting processes may not be supported by relevant policies and procedures, resulting in inconsistent application by staff members.  \n􀁸 Forecasting and budget setting processes, monitoring and review/sign-off processes may not be robust.  \n􀁸 Amendments to the original budget may not be appropriately ","cbCaicg7H6A2qlZZ","https://ap.wps.com/l/cbCaicg7H6A2qlZZ","pdf",1339571,24,"English","# Executive Summary\n## Background\n## Objective and risk areas\n## Scope\n# Detailed Findings – Section A: Budgeting and Forecasting\n# Detailed Findings – Section B: Key Financial Controls\n# Appendices\n## Internal Audit Approach\n## Definition of audit issue ratings\n# Glossary","[{\"question\":\"What is the purpose of the internal audit review for HCPC?\",\"answer\":\"The review assesses the budgeting and forecasting processes and selected key financial controls to determine whether processes are robustly designed and control effectiveness supports sound governance.\"},{\"question\":\"Which key risk areas does the audit examine for budgeting and forecasting?\",\"answer\":\"It examines risks that relevant policies and procedures may be absent or inconsistently applied, that forecasting and monitoring/sign-off may not be robust, that budget amendments may not be updated and communicated to budget holders, and that variance analysis may be insufficient for preventing under- or overspend.\"},{\"question\":\"What key financial control areas are included in the control review?\",\"answer\":\"The report covers foundation controls (delegation of authority, policies and segregation of duties), general ledger controls (journal authorisation and restricted access plus regular reconciliations), and expenditure controls (authorised purchase orders, supplier setup controls, accurate invoice recording, authorised payments, and three-way matching with investigation of anomalies where appropriate).\"}]","Internal audit report - budget, forecasting and key financial controls - Executive summary and recommendations | PDF",1789274893,8]