Minutes:
Gareth Mills (representing the External Auditor) was welcomed to the meeting virtually, and made particular reference to the following:
· The ISA 260 Report had been issued and presented to Full Council on 24 November 2022.
· The Audit of the 2021/22 Accounts had now been completed with the exception of a national issue regarding Accounting for Infrastructure Assets.
· A Statutory Instrument on Accounting for Infrastructure Assets had been issued as a final document on 25 December 2022.
· During early January, External Audit colleagues had been finalising work on this area with the Council’s Finance Team, with the expectation that the External Auditor would be signing off the Audit Opinion on the 2021/22 Accounts by 20 January 2022.
· Thanks were extended to the Service Director Finance and his Team for their commitment and engagement in the process.
· Work was currently underway in relation to the Value for Money Auditor’s Annual Report, which was expected to be completed in February. The findings would be presented at the meeting on 15 March 2022.
In the ensuing discussion particular reference was made to the following points:
· Confirmation was received that no changes had been made to the value of the Infrastructure Assets in the Council’s balance sheet, following the publication of the Statutory Instrument on Accounting for Infrastructure Assets. There would be some changes made to the Fixed Asset Disclosure Note set out in the Accounts. There was no impact to key primary documents.
· Following a request from the Committee, Steve Loach, Head of Corporate Finance and Business Partnering agreed to provide the Committee with a copy of the Fixed Asset Disclosure Note, following today’s meeting setting out the changes made.
· Confirmation was received that the 2022/23 Audit would be the final year of the existing PSAA (Public Sector Audit Appointments) contract for Grant Thornton. Furthermore, as required by the Ethical Standards for Auditors it would be Gareth Mill’s fifth and final year for him to act as the Engagement Lead for the Authority. A process to identify a new Audit Engagement Lead for the Council would be held towards the end of 2023.
RESOLVED
i) That the verbal update be noted.
ii) That the Committee be provided with a copy of the Fixed Asset Disclosure Note setting out the changes made.