MINUTES OF A MEETING OF THE AUDIT  SUB‑COMMITTEE HELD ON MONDAY, 13 NOVEMBER 2006 AT 11:00 AM

1. APOLOGIES

   That the apologies received from the His Worship the Mayor, Councillor Fryer and Councillor Caughey for non-attendance and Councillor Northey for lateness be accepted.

   CARRIED

2. CONFIRMATION OF MINUTES

   That the minutes of the Audit Sub-Committee meeting held on Monday, 31 July 2006 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

   That the progress made in the implementation of the NZ IFRS project described in the report of the Corporate Finance Manager dated 31 October 2006 be noted.

   CARRIED

5. 2005/2006 AUDIT NEW ZEALAND MANAGEMENT LETTER ACTION POINTS

   That the management report of the Corporate Finance Manager dated 13 October 2006 on the audit of Auckland City Council for the year ended 30 June 2006 be noted.

   It was noted that Mr Kearney of Audit New Zealand confirmed that there were no matters of political or other significance, which needed to be brought to the attention of the sub-committee contained in the separate letter to the General Manager, Finance.

   CARRIED

6. LTCCP AUDIT NEW ZEALAND MANAGEMENT LETTER

   1. That the sub-committee notes the comments raised in Audit NZ's management letter.
   2. That the sub-committee notes the steps that Auckland City is undertaking to minimise future issues arising from the next Long Term Council Community Plan (LTCCP).

   CARRIED

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

   1. 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 Update	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)]

   2. That Bede Kearney and Francis Caetano from Audit New Zealand be permitted to remain for the confidential section of the meeting as they have information which may assist the sub-committee in its deliberations.

   CARRIED

   Note:

   The Chairman asked that the Chief Executive vacate the room to enable further discussion with Audit New Zealand.

   There being no further business the Chairman declared the meeting closed at 12.10 pm.