Issue - meetings

External Auditors, Ernst & Young to provide verbal update.

Resolved

(1)       That the Draft Audit Results Report for 2021/22 report be noted.

(2)       That authority be granted to the Assistant Director of Finance, in consultation with the Chair of the Committee (or Deputy Chair in their absence), to make any further changes to the draft letters of representation agreed with the auditors that may arise during completion of the audit.

The Committee considered a report from external auditors Ernst & Young (EY) that presented Draft Audit Results for 2021/22.

In presenting the report, Maria Grindley of EY explained that the Executive Summary gave details on the current status of the audit, including prior year adjustments. As this was a progress report there was still the opportunity for Members to ask questions on any aspects of the work to date.

With regards to value for money it was reported that there were no risks of weakness or matters to report by exception.

In addition to the adjustments referred to in the ‘audit differences’ section, Alison Kennet advised that following receipt of the 2022 pensions evaluation, a balance sheet adjustment of £5.3 Million was required against pension liability.

In response to a question from Independent Person Harry Lawson regarding the delay in auditing accounts from previous financial years, Maria Grindley explained that the matter affected all local authorities and was being considered by the Minister. Legislation was expected to address the issue and outline what action would be taken to catch up.

Resolved

(1)      That the Draft Audit Results Report for 2021/22 report be noted.

(2)      That authority be granted to the Assistant Director of Finance, in consultation with the Chair of the Committee (or Deputy Chair in their absence), can make any further changes to the draft letters of representation agreed with the auditors that may arise during completion of the audit.