3 draft end of year accounts

Download 3 Draft End of Year Accounts

Post on 24-Jul-2016

222 views

Category:

Documents

8 download

Embed Size (px)

DESCRIPTION

 

TRANSCRIPT

  • Teesside University Students Union

    Report to those Charged with Governance

    Year Ended 31 July 2015

    ANDERSON BARROWCLIFF LLP

    Chartered Accountants

  • TEESSIDE UNIVERSITY STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Introduction

    The points included within this report are the areas of weakness that we have noticed during the course

    of our audit. They are not intended to be an exhaustive list of all accounting system weaknesses within

    the Teesside University Students Union.

  • UNIVERSITY OF TEESSIDE STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Salaried staff timesheets not approved, and unused holidays.

    Observation

    On review of a sample of salaried staff timesheets it appears there is no evidence of reviewing /

    authorising timesheets by line managers.

    It was also noted that two members of staff have over 5 days holiday entitlement left at the year end. Per the contracts of employment a maximum of 5 days can be carried forward.

    Implication

    Salaried staff may be being paid or accruing time in lieu for unauthorised overtime.

    The Students Union have accrued a cost of 6,525, for the two staff members with over 5 days holiday.

    The total of the holiday pay accrual for salaried staff is 8,701.

    Recommendation

    All salaried staff who prepare timesheets should be approved by their line manager. Any overtime

    should be agreed with their line manager.

    Holidays should be monitored on a regular basis and communicated with employees that a maximum

    of 5 holidays is allowed to be carried forward into the following year.

    Client response

  • TEESSIDE UNIVERSITY STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Purchase splits for Tees S U Limited

    Observation

    It was noted on review of the gross profit margins, the margins for Tees S U Limited appeared lower

    than expected due to an inaccurate apportionment of purchases.

    Implication

    The results for Tees S U Limited may not be an accurate representation of how the companys activities are performing.

    Recommendation

    You should review the sales reports from the EPOS system and calculate an accurate recharge of

    purchases for Tees S U Limited.

    Client Response

    After discussions during the audit, the purchases allocation were reviewed and amended. The corrected

    apportionments have being used to prepare the accounts for Tees S U Limited.

  • UNIVERSITY OF TEESSIDE STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Purchase Ledger Balances

    Observation

    As pointed out in prior years, the list of purchase ledger balances includes several supplier balances

    totalling 2,139.60 which are over three months old.

    Implication

    The creditors could be overstated if they include amounts which are not actually due.

    Recommendation

    You should review your list of balances and ensure that the old amounts are valid creditors.

    Where input VAT has been reclaimed and the invoice remains unpaid for over 6 months, the input vat

    should be repaid.

    Client Response

  • UNIVERSITY OF TEESSIDE STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Employer allowance not claimed

    Observation

    The 2,000 employers allowance hasnt being claimed for 2014/15 or 2015/16.

    Implication

    The Students Union is not receiving an allowance it is eligible for.

    Recommendation

    The employers allowance should be claimed for 2014/15 and 2015/16.

    Client response

  • UNIVERSITY OF TEESSIDE STUDENTS UNION

    REPORT TO THOSE CHARGED WITH GOVERNANCE

    YEAR ENDED 31 JULY 2015

    Clubs and societies restricted funds

    Observation

    It was noted that the clubs and societies restricted funds balance has being increasing year on year.

    Implication

    The funds arent being sufficiently used in the year to the benefit of the students in clubs and societies.

    Recommendation

    The balance for each club and society should be reviewed and funded accordingly for the students in

    the year.

    Client response

Recommended

View more >