SCOTTISH CONSOLIDATED FUND RECEIPTS PAYMENTS ACCOUNT
1 APRIL 2002 To 31 MARCH 2003
Annex
Scottish Consolidated Fund
Independent Auditor's report To the Scottish Parliament and the Auditor General for Scotland
I have audited the financial statements on pages 6 to 11 under section 19 of the Public Finance and Accountability (Scotland) Act 2000.
This report is made solely to the parties to whom it is addressed in accordance with the Public Finance and Accountability (Scotland) Act 2000 and the Code of Audit Practice approved by the Auditor General for Scotland and for no other purpose, as set out in paragraph 43 of the Statement of Responsibilities of Auditors and of Audited Bodies prepared by Audit Scotland, dated July 2001.
Respective responsibilities of the Accountable Officer and Auditor
As described on page 3 the Accountable Officer is responsible for the preparation of the financial statements and for ensuring the regularity of financial transactions. The Accountable Officer is also responsible for the preparation of the Foreword and the statement on the system of internal control. My responsibilities, as independent auditor, are established by the Public Finance and Accountability (Scotland) Act 2000 and the Code of Audit Practice approved by the Auditor General for Scotland, and guided by the auditing profession's ethical guidance.
I report my opinion as to whether the financial statements properly present the receipts and payments of the Scottish Consolidated Fund and the balance held and are properly prepared in accordance with the Public Finance and Accountability (Scotland) Act 2000 and directions made thereunder by the Scottish Ministers and whether in all material respects the sums paid out of the Scottish Consolidated Fund were in accordance with section 65 of the Scotland Act 1998 and sections 4 to 6 of the Public Finance and Accountability (Scotland) Act 2000
I also report if, in my opinion, the Foreword is not consistent with the audited financial statements, proper accounting records have not been kept, or if I have not received all the information and explanations I require for my audit.
I review whether the statement on pages 4 and 5 complies with the Scottish Executive guidance on statements on the system of internal control. I report if, in my opinion, the statement does not comply with the guidance, or if the statement is misleading or inconsistent with other information I am aware of from my audit. I am not required to consider whether the statement covers all risks and controls, or form an opinion on the effectiveness of the Fund's corporate governance procedures or its risk and control procedures.
Basis of opinion
I conducted my audit in accordance with the Public Finance and Accountability (Scotland) Act 2000 and the Code of Audit Practice, which requires compliance with relevant United Kingdom Auditing Standards issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts, disclosures and regularity of expenditure and receipts shown in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Accountable Officer in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Fund's circumstances, consistently applied and adequately disclosed.
I planned and performed my audit so as to obtain all the information and explanations which I considered necessary in order to provide me with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error, and that, in all material respects, the receipts and payments shown in the financial statements were incurred or applied in accordance with any applicable enactments and directions issued by the Scottish Ministers. In forming my opinion I also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
Financial statements
In my opinion the financial statements properly present the receipts and payments of the Scottish Consolidated Fund for the year ended 31 March 2003 and the balance held at that date and have been properly prepared in accordance with the Public Finance and Accountability (Scotland) Act 2000 and directions made thereunder by the Scottish Ministers.
Regularity
In my opinion, in all material respects, the sums paid out of the Scottish Consolidated Fund were in accordance with section 65 of the Scotland Act 1998 and sections 4 to 6 of the Public Finance and Accountability (Scotland) Act 2000.
Peter Tait CPFA
Chief Auditor
18 December 2003
Audit Scotland
Osborne House
1/5 Osborne Terrace
Edinburgh
EH12 5HG