Issue - meetings

Miss Ellie Dunnet, Head of Finance, presented her report setting out the proposed process for the preparation, audit and approval of the 2017/18 Statement of Accounts and summarising the changes to the Local Audit Regulations under the Local Authority Audit and Accountability Act which would come into effect later this year.

It was noted that:

·  The impact of these changes meant that the timetable for producing, auditing and signing off the Statement of Accounts had been accelerated to meet the new deadline of 31 July. 

·  Given the reduced timeframe, it would not be practical for a draft version of the Accounts to be formally considered by the Committee, which represented a change to the current process.  There was no legal requirement for the Committee to review the draft Accounts prior to approving the final version, although in the past it had been considered useful to allow early consideration of the draft document by Committee Members.  Plans were in place to accommodate this through an informal briefing session for Members in June.  In addition, the draft Accounts would be available on the Council’s website and for inspection by the public from 31 May onwards.

·  Grant Thornton, the External Auditor, would commence work on 9 July, in advance of the meeting of the Audit, Governance and Standards Committee to approve the accounts on 30 July.  It had not been possible to bring forward the start date of the audit, as Grant Thornton was heavily committed at this time of year.  Grant Thornton would be carrying out early audit testing in March in order to reduce the volume of work to be carried out at the final audit.

·  As the audit would still be in progress at the agenda deadline date, it was likely that the External Auditor’s Audit Findings report would be presented as an urgent update to the agenda for the July meeting, in order to ensure that it included the most up to date information that might be of use to Members in considering their decision to approve the accounts.

In considering the revised timetable for producing, auditing and signing off the Statement of Accounts, Members expressed a preference for an informal briefing in June, rather than a formal meeting.

RESOLVED:

1.  That the arrangements for preparation and sign off of the 2017/18 Statement of Accounts be noted, specifically:

·  That the Committee will no longer be asked to formally consider the draft version of the Accounts; and

·  That the External Auditor’s Audit Findings Report will be presented as an urgent update to the agenda for the July meeting due to the timing of external audit work.

2.  That representatives of the External Auditor be invited to attend the informal briefing on the draft Statement of Accounts in June.