Issue - meetings

This report presents the current set of Accounts for 2021/22 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom.  Members are invited to approve both the Statement of Accounts and the Audit Findings Report.  The external auditors report is to be approved prior to the Engagement Lead signing off the Accounts.  The Engagement Lead and or their representative will be at the meeting to present the report and to answer questions.

The report presented the current set of Accounts for 2021/22 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom. The Committee was invited to approve both the Statement of Accounts and the Audit Findings Report.

Members were reminded that the Statement of Accounts was subject to external audit. At the time of writing, other than a small number of textual corrections, two changes had been made to the accounts as a result of the audit and related to the expansion of the financial disclosure notes covering investments and a critical judgement added covering the de-minimus valuation of non-fee charging car parks in the borough.  With regard to the latter it was explained that this valuation was in line with current guidance and methodology in respect of car parks.

The Audit Findings Report gave three recommendations for the Borough Council as a result of issues identified during the audit. These related to the mapping of the trial balance to financial statements, journal authorisation and the fixed asset register.  More detail was provided in 1.4.4 of the report together with the proposed management response.

RESOLVED:  That

(1)             the enclosed audited set of Accounts for 2021/22 (attached at Annex 1) be approved and the Chair of the Audit Committee be asked to sign the Accounts in the appropriate place;

(2)             the Audit Findings Report and the Management Response, as detailed in paragraph 1.4.4 of the report, on the outcome of the audit of the Statement of Accounts for 2021/22 be approved; and

(3)             the Letter of Representation (attached at Annex 3) be approved for signature by the Chair of the Audit Committee and the Director of Finance and Transformation once Grant Thornton had issued their opinion.