Issue - meetings

To consider the report of the Director of Resources, (copy enclosed).

The Committee considered the report of the Director of Resources that provided the Committee with an audit update from Deloitte LLP, the Council’s External Auditor, for the audit of the 2019/20 financial year, attached at Appendix 1.

      The Chairman introduced the report and deferred to the External Audit Partner to present the content.  He took the Committee through the report and drew Members’ attention to the key observations.

      He advised that the audit was nearing completion and with the exception of asset valuation and pension liability, all outstanding work was related to normal finalisation procedures.  The scope of the work remained broadly in line with the audit plan with 2 key impacts 1) the elevated risk around valuation of Property, Plant and Equipment from an area of focus to significant risk and 2) the impact of COVID-19 which was included as a summary in the report.  Other key impact areas included the provision of additional narrative and disclosure reports in the accounts.

      He provided further clarification around a number of areas included in the report and made particular mention that the Council had made good progress on the Property Valuation recommendations from last year, with 95% complete by 2 July 2020.  He reassured members that the clause in the report, included due to volatility in the market, was a common feature of all valuation reports prepared to 31 March 2020 and that valuation of pensions was in the final stages, awaiting information from the actuary.

      He concluded by thanking the Director of Resources, the Interim senior Specialist Finance, James Carter and the Finance Team for their hard work, meeting the challenges of the past year with the added complexity of the pandemic and having to deliver the audit remotely.    

      The Chairman acknowledged the External Audit Partner’s comprehensive report and thanked him for the appreciation shown towards the Council Officers.

      The Chairman then moved the recommendation that the report be noted, and this was seconded by Councillor Durham.  There being no further questions the Chairman put the recommendation to the Committee and it was agreed by assent.

      RESOLVED that the content of the report be noted.