Agenda and minutes

There were no declarations of interest made in accordance with the Code of Conduct.

To confirm as a correct record the Minutes of the meeting of Audit Committee held on 3 July 2017

RESOLVED:  That the Minutes of the meeting of the Audit Committee held on 3 July 2017 be approved as a correct record and signed by the Chairman.

The report of the Management Team presented the ‘final’ version of the Strategic Risk Register which had been reviewed and updated to align with the new Corporate Strategy.  Members were reminded that, as the register was considered to be a live document, it would be updated as and when required with periodic reporting to the Audit Committee together with the more formal annual review. 

RECOMMENDED:  That the Strategic Risk Register be commended to the Council.

The report of the Director of Finance and Transformation provided an update on treasury management activity undertaken during April to July of the current financial year.  A mid-year review of the Treasury Management and Annual Investment Strategy for 2017/18 was also presented. 

RECOMMENDED:  That the following be commended to the Council:

(1)  the action taken by officers in respect of treasury management activity for April to July 2017 be endorsed;

(2)  the progress made in respect of property fund investments be noted; and

(3)  the existing parameters intended to limit the Council’s exposure to investment risks be retained.

The report of the Director of Finance and Transformation presented the Audit Findings Report on the outcome of the audit of the Statement of Accounts for 2016/17.  The Engagement Lead for the Council’s external auditor (Grant Thornton UK LLP) advised that she intended to issue an unqualified audit opinion on the financial statements and value for money conclusion and commended the Council for a good set of accounts.

RESOLVED:  That

(1)  the Audit Findings Report on the outcome of the audit of the Statement of Accounts for 2016/17, as set out at Annex 1 to the report, be approved;

(2)  the Chairman of the Audit Committee and the Director of Finance and Transformation be granted delegated authority to countersign the Letter of Representation, as set out at Annex 2 to the report, when Grant Thornton are ready to issue their opinion; and

(3)  the Chairman be requested to sign the Accounts in the appropriate place.

The report of the Director of Finance and Transformation set out details of the consultation by Public Sector Audit Appointments Limited on the appointment of Grant Thornton (UK) LLP to audit the accounts for five years from 2018/19.

RESOLVED:  That the appointment of Grant Thornton (UK) LLP to audit the accounts for five years from 2018/19 be endorsed.

The report of the Chief Audit Executive provided an update on the work undertaken by the Internal Audit and the Counter Fraud functions for the period April to August 2017.

RESOLVED:  That the report be received and noted.

The Chairman to move that the press and public be excluded from the remainder of the meeting during consideration of any items the publication of which would disclose exempt information.

The Chairman moved, it was seconded and

RESOLVED:  That as public discussion would disclose exempt information, the following matters be considered in private.

LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person

(Reasons:  LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

The report of the Director of Finance and Transformation provided details of the nature and volume of liability and property damage insurance claims submitted during the period April 2017 to July 2017.

RESOLVED:  That the report be received and noted.