MINUTES OF A MEETING OF THE AUDIT SUB‑COMMITTEE HELD ON FRIDAY, 3 MARCH 2006 AT 7.30 AM

1. APOLOGIES

   That the apologies of His Worship the Mayor, Mr Dick Hubbard and Councillor Fryer be accepted.

   CARRIED

2. CONFIRMATION OF MINUTES

   That the minutes of the Audit Sub-Committee meeting held on Monday, 21 November 2005 be confirmed as a true and correct record.

   CARRIED

3. EXTRAORDINARY BUSINESS

   There was no extraordinary business.

4. IMPLEMENTATION OF NEW ZEALAND INTERNATIONAL FINANCIAL REPORTING STANDARDS - PROGRESS REPORT

   1. That the progress made in the implementation of the New Zealand International Financial Reporting Standards (NZ IFRS) project described in the report of the Corporate Finance Manager dated 27 January 2006, be noted.
   2. That it be further noted that the project is on target to incorporate the NZ IFRS reporting requirements in the 2006/2007 annual report as planned.

   CARRIED

5. PROGRESS REPORT ON 2004/2005 AUDIT NEW ZEALAND MANAGEMENT LETTER ACTION POINTS

   1. That the progress made in resolving issues raised by Audit New Zealand in their 2004/2005 management letter described in the report of the Corporate Finance Manager dated 27 January 2006, be noted.
   2. That the sub-committee notes that there are no major outstanding issues to be addressed from the audit.

   CARRIED

6. EXCLUSION OF THE PUBLIC : LOCAL GOVERNMENT OFFICIAL INFORMATION AND MEETINGS ACT 1987

   That the public be excluded from the following part(s) of the proceedings of this meeting.

   The general subject of each matter to be considered while the public is excluded, the reason for passing this resolution in relation to each matter, and the specific grounds under Section 48(1) of the Local Government Official Information and Meetings Act 1987 for the passing of this resolution are as follows:

   Item No.	General subject of each matter to be considered	Reason for passing this resolution in relation to each matter	Ground(s) under section 48(1) for the passing of this resolution
   C1.	Risk And Assurance Group - Six Month Progress To December 2005	Good Reason to withhold exists under section 7	Section 48(1)(a)

   This resolution is made in reliance on Section 48(1)(a) of the Local Government Official Information and Meetings Act 1987 and the particular interest or interests protected by section 6 or section 7 of that Act which would be prejudiced by the holding of the whole or relevant part of the proceedings of the meeting in public are as follows:

   Item No.	Reason to withhold information under section 7
   C1.	To protect information where the making available of the information would be likely unreasonably to prejudice the commercial position of the person who supplied or who is the subject of the information.	[Section 7(2)(b)(ii)]

   CARRIED

   There being no further business the Chairman declared the meeting closed at 8.30am