Issue - meetings

2017/18 Statement of Accounts and Audit Findings

Meeting: 26/07/2018 - Strategy and Resources Committee (Item 74)

74 2017/18 Statement of Accounts and Audit Findings PDF 112 KB

This report covers Grant Thornton’s audit findings and presents the Statement of Accounts for 2017/18 following the external audit.

Additional documents:

Decision:

The Committee:

(1) Approved the Statement of Accounts for the year ended 31 March 2018;

(2) Agreed the Annual Governance Statement included within the Statement of Accounts;

(3) Received the Audit Findings for 2017/18;

(4) Agreed the management action in response to audit recommendations;

(5) Agreed that the Chairman of the Strategy and Resources Committee and the Chief Finance Officer sign the Letter of Representation on behalf of the Council;

(6) Delegated any further amendments to the 2017/18 Statement of Accounts to the Chief Finance Officer in consultation with the Chairman of the Strategy and Resources Committee.

Minutes:

The Committee received a report setting out Grant Thornton’s audit findings and which presented the Statement of Accounts for 2017/18 following external audit.

Mr. Ade Oyerinde, Senior Manager, Grant Thornton, was in attendance to present the audit findings.

Mr Oyerinde reported that the auditors anticipated providing an unqualified audit opinion in respect of the financial statements. As at the date of the meeting only third party year end confirmation was outstanding from Deutsche Asset Management. In terms of the Value for Money conclusion, it was considered that risks around governance and financing arrangements in relation to the Council’s wholly owned property investment company had been mitigated but needed to be kept under review. Regular reporting and monitoring of governance arrangements over investment decisions and the management of EEPIC ought to be a key priority for this Committee.

In response to a query regarding borrowing in relation to investment properties, it was confirmed that independent financial advisers had been engaged to advise on rates and risks.

The Committee wished its thanks recorded to Auditors in the undertaking of the audit and to the Finance Team for its hard work, particularly in the light of the transition to the new deadline for approval of the Statement of accounts and Annual Governance Statement.