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Published by: SMI Publishing, Ltd
Published: Nov. 6, 2006
Table of Contents
- Day 1
- 8.30 Registration & Coffee
- 9.00 Chairman's Opening Remarks
- Mr Paul Mountain, Partner, Martineau Johnson Solicitors.
- Richard Baizley, Partner, Martineau Johnson Solicitors.
- 9.10 PFI ACCOUNTING IN LOCAL GOVERNMENT
- Why PFI is off balance sheet in local government
- Mr John Reed, Project Director, Public Private Partnerships Programme, 4ps.
- 9.50 ACCOUNTING FOR PPP AND PFI IN THE NATIONAL ACCOUNTS
- The data collection project and new developments
- Relationships between national, government and business accounts
- New developments in national accounting treatments for PPP
- Overview of data collection project
- Project results
- Messages for accountants
- Robin Lynch, Director of National Accounts Group, Office For National Statistics (O N S).
- 10.30 Morning Coffee
- 11.00 PROJECT TERMINATION
- Lessons learned from the National Physical Laboratory
- The reasons for the termination
- The management of risks in the project
- The Department of Trade and Industry’s handing of the project
- The value of money of the termination
- NAO recommendations
- Mr Chris Shapcott, Director, National Audit Office.
- 11.40 FINANCIAL BLACK HOLE?
- The reporting and transparancy of public expenditure under PFI
- Disclosure and reporting at department, Treasury, and national income accounting levels
- Annual reporting and at the public agency level
- The private sector level
- Why it matters
- Dr Jean Shaoul, Professor of Public Accountability, Manchester University.
- 12.20 Networking Lunch
- 1.50 MAKING ENDS MEET
- Aligning public and private sector accounting practice
- Recap on accounting
- IFRIC consultation and guidance
- IRFIC scope and Financial asset/intangible asset divide
- Accounting for other infrastructure delivery models
- Aligning public sector and private sector practices
- Mr Mark Williams, Director, Deloitte.
- 2.30 TAXATION ISSUES
- IFRS and latest developments
- Update on tax in PFI
- Tax considerations in IFRS
- Secondary market tax issues
- UK REITS & PFI Companies
- Ms Zoe Kay, Director, Deloitte & Touche Petroleum Service.
- 3.10 Afternoon Tea
- 3.40 THE ARGYLL AND BUTE NPDO MODEL
- Project brief: the schools project
- Overview: Non Profit Distribution Organisation
- Audit of procurement process
- Project update
- Mr Chris Dalgarno-Platt, Finance Manager, Special Projects, Argyll and Bute Council.
- 4.20 THE ARGYLL AND BUTE NPDO MODEL
- Issues for accounting and auditing
- The NPDO model
- Differences to traditional PFI
- Accounting treatment of the NDPO model
- Demonstrating value for money
- Mr Michael Pryor, Assistant Director, Ernst & Young.
- 5.00 Chairman’s Closing Remarks and Close of Day One
- Day 2
- 8.30 Registration & Coffee
- 9.00 Chairman's Opening Remarks
- Dr James Roberson, Director, National Audit Office.
- 9.10 FOCUSING ON VFM DURING PPP PROCUREMENT
- Good practice
- Scoping the project
- Financial impact of limited funds
- Maintaining competition
- Contract award
- When to pull the plug
- Mr Mike Allen, PPP/PFI Specialist, Audit Commission.
- 9.50 OPERATIONAL AUDITING
- Getting good value for money in the operational phase of PFI projects
- The new NAO framework for evaluating the implementation of PFI Projects
- How the framework applies in evaluating the operational phase
- Practical issues in achieving value for money
- Dr James Roberson, Director, National Audit Office.
- 10.30 Morning Coffee
- 11.00 REFINANCING
- Value for money and refinancing
- What is refinancing?
- How do investors benefit?
- How should an authority share this benefit?
- What are the VFM issues?
- Mr Edward Yescombe, Director, Yescombe Consulting Ltd.
- 11.40 THE MODEL AUDIT
- From 'tick and bash' to 'belt and braces'
- The competing requirements of senior funder, equity provider and public sector procurer
- Ensuring models are correct at bid stage and throughout the project life
- Identifying model 'best practice'
- New approaches to spreadsheet correctness
- Tips for model users
- Mr Jerome Brice, Director, PFI/PPP, RSM Robson Rhodes.
- 12.20 Networking Lunch
- 1.50 ACCOUNTING PRACTICE FOR PFI PROJECTS WITH CONSTRUCTION CONTRACT MANAGEMENT
- Commercial and financial terms
- Structure of the project
- Bid Cost
- SPV accounting treatment
- Risk Structure
- Funding arrangements
- Payment mechanisms
- POC methods and construction controlling
- Caps, integration of SPV and cash flows
- Reporting
- Lessons Learned
- Klaus Boede, Head of PPP Solutions, Hochtief UK.
- 2.30 AUDITING RISK MANAGEMENT
- Ensuring validity as well as conformity
- Good and bad risk management
- What to look for in the process and in the records
- What to look for in the models and the results
- What to look for in the practitioners
- Mr Derek Salkeld, Chairman, D S & A Ltd Risk Analysis.
- 3.40 ACCOUNTING & AUDITING IN LIFT
- Ensuring value for money for PCT’s
- Case Study: Eastern Hull PCT
- Project Brief
- Accounting issues in LIFT
- Auditing for results
- Mr Jon Cooke, Finance Director, West Hull P C T.
- 4.00 Chairman’s Closing Remarks and Close of Day Two
AbstractThis two-day conference will keep all those involved in PFI up to date with the latest developments, standards and recommendations regarding accounting, auditing, tax and risk analysis procedures.
Topics covered at the conference will be discussed both in theoretical terms and through current PFI case studies by industry leading experts and will give accountants, auditors, finance directors/managers, project directors/managers, analysts and consultants practical advice in avoiding common pitfalls and provide a unique networking opportunity.
Key issues to be addressed at the conference:
- Aligning public and private sector accounting practice
- National Audit Office’s new implementation framework
- Value for money auditing
- National Physical Laboratory and project termination
- Accounting in new and alternative delivery models
- Risk management
- Audit models
- Tax update
Benefit from presentations by:
- Dr James Robertson, Director PFI, National Audit Office
- Robin Lynch, Director, National Accounts, Office of National Statistics
- John Reed, Project Director, 4ps
- Chris Shapcott, Director, Health VFM and PPP/PFI Audit, National Audit Office
- Mark Williams, Director, Deloitte
- Zoe Kay, Director, Deloitte
- Mike Allen, Senior Technical Manager, Audit Commission
- Chris Delgarno-Platt, Finance Manager, Special Projects, Argyll and Bute Council
- Jon Cooke, Assistant Director of Finance, Eastern Hull PCT
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