Accounts preparation process
The Trust has a well refined accounts preparation process. The timetable incorporates senior management review of the accounts and disclosure changes to be compliant with UK Generally Accepted Accounting Principles (GAAP) prior to submission of the unaudited accounts.
As a result the accounts available at the start of the audit were of a high standard. The working papers are excellent. The Trust is prepared to share what it does well with others; for example, this year how the audit working papers have succeeded in implementing controls over the Electronic Staff Record (ESR) where others have failed (and necessitated large audit samples).
Implementation of International Financial Reporting Standards (IFRS)
The Trust has developed and is following a detailed implementation timetable, reporting progress to the Audit Committee on a regular basis. The Trust organised and hosted an International Financial Reporting Standards (IFRS) learning event which was attended by other NHS bodies in the local patch. As part of this event the organisations shared their experiences and identified areas of best practice.