Issue - meetings

This report sets out the approach being taken by the Council’s external auditors, Grant Thornton, to the audit of the accounts for 2017/18.

The Committee endorsed the External Audit Plan.

(Ms. Sarah Ironmonger, Associate Director, Mr. Ade Oyerinde, Manager, Grant Thornton UK LLP, in attendance)

The Committee received and considered a report that set out the approach to be taken by the Council’s external auditors, Grant Thornton, to the audit of the accounts for 2017/18.

Ms. Ironmonger highlighted the significant risks stated on pages 5 and 6 of the audit plan.  She stated that two of the risks identified were standard and prevalent across all audits conducted by the external auditor but that two of the risks had been identified for particular attention as areas that could affect the materiality of the Council’s financial statements.  She further highlighted that in reaching their conclusion regarding Value for Money, Grant Thornton would update their understanding of the Council’s governance and financing arrangements in respect of investment acquisitions via its wholly owned company.  The challenge in meeting the tight timescales in regard to he statutory deadline for the publication of the Council’s audited accounts was again stressed

The report highlighted that the Council’s wholly owned subsidiary, Epsom and Ewell Property Investment Company, had a separate external auditor, the Epsom based firm Williams & Co.  Elements of EEPIC’s financial statements, such as the investment property valuations, were material to the financial statements of the Council. The Committee was assured that Grant Thornton would perform sufficient work to enable them to gain assurance that the Council’s group financial statements were not materially misstated.  It was noted that plans were being put in place to establish a Shareholder Sub Committee.

Accordingly, the Committee endorsed the External Audit Plan Year ended 31 March 2018.