The preparation of the 30 June 2018 financial statements and audit is in progress.
The external auditors, Price Bailey, completed their initial visit at the Club in November. This focused on understanding the business including its ways of working and documenting the key processes and control practices and procedures.
As part of documenting the processes in operation during the financial year, the audit team have worked with the finance team to provide recommendations to help improve the systems and control procedures. The steps taken by the finance team since 30 June 2018 mean that Board expect the overall control environment to improve significantly in the current financial year.
Subsequent to this initial visit, and as part of their planned audit approach, the audit team have now performed detailed transaction testing on the income statement and balance sheet on a sample basis. An additional information request has since been provided as a result of this work and the finance team are now collecting this information.
A new full time Finance Manager has now started at the Club (on 13 December) and he is able to focus on completing this audit information request and manage the process so that we expect all of the items requested to be provided to the audit team by the end of December.
It is then our plan as a Board to work with the audit team to complete the audit process and formally release the financial statements by the middle of February, in preparation for the AGM.
Obviously if anything improper was identified this will be reported to the Board.