Agenda, decisions and minutes

10. Statement of Accounts Update.

Councillor Hugo Brown, Declaration, as a Cherwell District Council appointed Director to CSN Resources.

There were no petitions or requests to address the meeting.

To confirm as a correct record the Minutes of the meetings of the Committee held on 28 July 2021.

The Minutes of the meeting of the Committee held on 28 July 2021 were agreed as a correct record and signed by the Chairman.

To receive communications from the Chairman.

The Chairman advised the Committee that item 12 – Internal Audit Progress Report 1021/22 would be presented before item 7 Monthly Performance, Risk and Finance Monitoring report.

There were no items of urgent business.

Report of the Director of Finance

Purpose of report

The report presents the Internal Audit Progress report for 2021/22

Recommendations

The meeting is recommended:

1.1         To note the progress with the 2021/22 Internal Audit Plan and the outcome of the completed audits.

Resolved

(1)          That the progress with the 2021/22 Internal Audit Plan and the outcome of the completed audits be noted.

The Director of Finance submitted a report which presented the Internal Audit Progress for 2021/22.

The Chief Internal Auditor highlighted the Payment Card Industry (PCI) red audit grading, reassuring Members that there had been a very positive response from management and a robust action plan had been drawn up and positive changes were already taking place.

Resolved

(1)          That the progress with the 2021/22 Internal Audit Plan and the outcome of the completed audits be noted.

Report of Director of Finance and Head of Insight and Corporate Programmes

Purpose of report

This report summarises the Council’s Performance, Risk and Finance monitoring positions as at the end of July 2021. The Committee will focus on the risk elements of the report.

Recommendations

The meeting is recommended:

1.1       To note the monthly Performance, Risk and Finance Monitoring Report.

Resolved

(1)      That the monthly Performance, Risk and Finance Monitoring Report be noted

The Director of Finance and Head of Insight and Corporate Programmes submitted a report which summarised the Council’s Performance, Risk and Finance monitoring positions as at the end of July 2021.

The Chairman reminded Members that the Committee was responsible for monitoring the risk aspects of the report.

Resolved

(1)      That the monthly Performance, Risk and Finance Monitoring Report be noted

Report of the Director of Finance

Purpose of report

To set out the response to Ernst & Young (EY) regarding the review of management assurance.

Recommendations

The meeting is recommended to:

1.1       Note the draft response relating to management assurances from Those Charged with Governance at Appendix 1.

1.2       Agree that the Director of Finance, in conjunction with the Chairman of the Accounts, Audit and Risk Committee, make any further changes to the response relating to management assurances from Those Charged with Governance at Appendix 1 that may arise as a result of the audit.

Resolved

(1)          That the draft response relating to management assurances from Those Charged with Governance (Annex to the Minutes as set out in the Minute Book) be noted.

(2)     That it be agreed that the Director of Finance, in conjunction with the Chairman of the Accounts, Audit and Risk Committee, make any further changes to the response relating to management assurances from Those Charged with Governance (Annex to the Minutes as set out in the Minute Book) that may arise as a result of the audit.

The Director of Finance submitted a report which set out the response to Ernst & Young (EY), the council’s external auditor, regarding the view of management assurance.

Resolved

(1)          That the draft response relating to management assurances from Those Charged with Governance (Annex to the Minutes as set out in the Minute Book) be noted.

(2)     That it be agreed that the Director of Finance, in conjunction with the Chairman of the Accounts, Audit and Risk Committee, make any further changes to the response relating to management assurances from Those Charged with Governance (Annex to the Minutes as set out in the Minute Book) that may arise as a result of the audit.

Report of the Director of Finance

Purpose of report

To receive a report setting out the External Audit Opinion for 2020/21.

Recommendations

The meeting is recommended to:

1.1       Note the contents of the External Audit Opinion (ISA260) for 2020/21 from our External Auditors, Ernst & Young (EY).

Resolved

(1)          That the contents of the External Audit Opinion (ISA260) for 2020/21 from our External Auditors, Ernst & Young (EY) be noted.

The Director of Finance submitted a report which set out the External Audit Opinion for 2020/21.

The External Auditor advised the Committee that the quality of data presented by finance for this audit was of a very high standard and an improvement on previous years. The External Auditor thanked the Finance Team for their hard work.

Resolved

(1)          That the contents of the External Audit Opinion (ISA260) for 2020/21 from our External Auditors, Ernst & Young (EY) be noted.

*** Appendix 2 to this report will follow as it is currently being reviewed and finalised ****

Report of the Director of Finance

Purpose of report

To receive a report to ask Members to consider the following:

• Changes to be incorporated to the draft statement of accounts.

Recommendations

The meeting is recommended to:

1.1         That the Draft Statement of Accounts 2020/21 be endorsed, subject to the required changes identified to date in Appendix 2, and once the final audit opinion is received the Director Finance (S151 Officer), in consultation with the Chair of the Accounts, Audit and Risk Committee (or Vice Chair in case the Chairman is unavailable) be authorised to sign the accounts and it be noted that, if any material changes to the accounts are required, then an additional committee meeting would be convened to consider the changes.

1.2         Agree that the Director of Finance, in consultation with the Chair of the Committee (or Deputy Chair in their absence), can make any further changes to the letters of representation that may arise during completion of the audit.

Resolved

(1)          That subject to the changes required, the Draft Statement of Accounts 2019/20 be endorsed and it be agreed that once the final audit opinion is received the Director of Finance (S151 Officer), in consultation with the Chair of the Accounts, Audit and Risk Committee (or Vice Chair in case the Chairman is unavailable) be authorised to sign the accounts and it be noted that if any material changes to the accounts are required, then an additional committee meeting would be convened to consider the changes.

 (2)      That the Director of Finance, in consultation with the Chair of the Accounts, Audit and Risk Committee (or Vice Chair in their absence), be authorised to make any further changes to the letters of representation that may arise during completion of the audit.

The Director of Finance submitted a report which sought consideration of changes to be incorporated to the draft statement of accounts.

Resolved

(1)          That subject to the changes required, the Draft Statement of Accounts 2019/20 be endorsed and it be agreed that once the final audit opinion is received the Director of Finance (S151 Officer), in consultation with the Chair of the Accounts, Audit and Risk Committee (or Vice Chair in case the Chairman is unavailable) be authorised to sign the accounts and it be noted that if any material changes to the accounts are required, then an additional committee meeting would be convened to consider the changes.

 (2)      That the Director of Finance, in consultation with the Chair of the Accounts, Audit and Risk Committee (or Vice Chair in their absence), be authorised to make any further changes to the letters of representation that may arise during completion of the audit.

Report of the Director of Finance

Purpose of report

To receive information on treasury management performance and compliance with treasury management policy for 2021-22 as required by the Treasury Management Code of Practice.

Recommendations

The meeting is recommended:

1.1         To note the contents of the Quarter 1 2021-22 Treasury Management Report.

Resolved

(1)          That the contents of the Quarter 1 2021-22 Treasury Management Report be noted.

The Director of Finance submitted a report which provided information on treasury management performance and compliance with treasury management policy for 2021-22 as required by the Treasury Management Code of Practice.

Resolved

(1)          That the contents of the Quarter 1 2021-22 Treasury Management Report be noted.

To consider and review the Work Programme.

Resolved

(1)          That the work programme be noted.

The Committee considered its work programme. The Director of Finance advised Members that confirmation of the November meeting date would be circulated in due course.

Resolved

(1)          That the work programme be noted.