Yours sincerely Catherine Topley Chief Executive & Accountable Officer Cc: Auditor General Transport Scotland Cabinet Secretary 3 4 A ppendix The below Valuation Action Plan was discussed and agreed with Grant Thornton in May: Estimated Date of Delivery Revised Deadline Met Comments / Details of Delay Detailed audit procedures (as at May '22) Deadline Planning and risk assessment procedures 31/03/2022 � 1 Early audit testing and walkthrough of key 30/04/2022 � 2 business cycles Final External Audit Plan 2021/22 31/05/2022 � 3 Scottish Canals to propose high level Short delay due to complexity of 14/06/2022 24/06/2022 � approach work required by Azets 4 Audit review of proposed high level Multiple queries raised by Grant 30/06/2022 � 5 approach Thornton Scottish Canals to propose approach to Short delay due to complexity of 14/06/2022 24/06/2022 � useful economic lives work required by Azets 6 Audit review of proposed approach to useful 30/06/2022 High level approach only � 7 economic lives Scottish Canals to propose approach to 30/06/2022 High level approach only � 8 componentisation Audit review of proposed approach to 30/06/2022 High level approach only � 9 componentisation Draft 1 ARA to be presented to Grant Thornton 04/07/2022 � 10 Grant Thornton select samples 29/07/2022 � 11 Draft 2 ARA to be presented to Grant 05/09/2022 � 12 Thornton 5 G rant Thornton team resourcing issues - the timing of the audit now Grant Thornton begin the business as usual 10/10/2022 - clashing with Scottish Canals' 05/09/2022 - 23/09/2022 � audit 11/11/2022 internal forecasting and budgeting 13 cycle Delay due to extremely high level of Valuation of Canal Infrastructure and PPE 30/09/2022 initial estimate, 20/10/2022 data requirements dating back from � complete for audit - agreed needed reviewed contracts over twenty years old 14 Delay due to revised timescales creating a clash over holiday period Scottish Canals' review of Valuation 30/09/2022 31/10/2022 � 15 for Scottish Canals staff Audit testing of the valuation of freehold land Grant Thornton team resourcing 20/10/2022 14/11/2022 � 16 and buildings issues Audit testing of the valuation of operational Delay due to late valuation 31/10/2022 14/11/2022 � 17 infrastructure assets completion (item 14) � ARC - meeting for approval of accounts 17/11/2022 At risk 18 Draft 3 ARA to be presented to Grant � 21/11/2022 At risk 19 Thornton Audit of the final financial statement adjustments (including valuation adjustments), final review of Annual Report � 28/11/2022 At risk and Accounts, draft Annual Audit Report, draft Audit Opinion and Letter of 20 Representation.