Issue - meetings

This report informs Members of the Local Audit Consultation undertaken by the National Audit Office (NAO) on the progress for Local Authority Audit to be undertaken through to 2027/28.

The report also updates members on the proposed audit plan for the 2023/24 Financial Statements and consideration of the timing and signing of these statements.

The report of the Director of Finance and Transformation informed Members of the Local Audit Consultation undertaken by the National Audit Office (NAO) on the progress for Local Authority Audit to be undertaken through to 2027/28. The report also provided an update on the proposed audit plan for the 2023/24 Financial Statements and consideration of the timing and signing of these statements.

The increased requirements of various International Auditing Standards and a lack of resources in both Local Government Accounting and External Audit teams had led to a backlog in the publication of audited accounts of local bodies in England.  A Joint Statement from the Minister for Local Government, attached at Annex 2, proposed a way forward to tackle this backlog. 

Attention was brought to Phase 2, the ‘Backstop’ proposals for the recovery period, financial years 2023/2024 to 2027/28, which would impact on the Council’s accounts being prepared for these financial years.  Work was commencing on the 2023/24 statements and the deadline for Publication of Accounts was 31 May 2024.  However, priority was being given to those authorities whose 2022/23 Accounts remained unsigned.  It was unlikely therefore that the Audit Team would commence on the Council’s 2023/24 account until October 2024 with conclusion of the Audit in December 2024. 

Members considered the options at paragraph 1.3.7 in terms of the timing and signing of the statements and noted the Auditors preferred option, that the Committee consider the accounts and Audit Finding Report at their meeting on 13 January 2025.

Members received the External Indicative Audit Plan 2023-24 attached at Annex 7, which was presented by the Key Audit Manager at Grant Thorton.

RESOLVED:  That

(1)    the External Indicative Audit Plan 2023-24 attached at Annex 7, be noted;

(2)    the accounts and Audit Finding Report (AFR) be considered by the Audit Committee at their meeting on 13 January 2025; and

(3)    the responses returned by Officers in liaison with the Chairman, Vice Chairman and the Cabinet Member for Finance and Housing on the two Consultation proposals, be noted.