To consider the report of the Director of Resources, (copy enclosed).
TheCommitteeconsidered thereport ofthe Director ofResourcestogether with the External Audit Planning report to March 2021 fromDeloitte LLP, the Council’sExternal Auditor attached at Appendix 1.
TheChairmanintroduced the report and deferredto theAuditPartner from Deloitte LLP to present thedetail. The Audit Partner commenced by reminding Members that the work he carried out was in accordance with the Code of Audit Practice and supporting regulations which were published by the National Audit Office (NAO). The scope of the work included the audit of the accounts along with being satisfied that the Council had made proper arrangements for securing Value For Money (VFM). There had been significant changes to the code with respect to VFM which were set out in detail in the report. The materiality level used had been set on a consistent basis as in previous years and all areas over £60,000 were reported. He said that the pandemic had continued to impact the audit in terms of the risk profile as well as the way it was conducted and this was also detailed in the report.
There were two significant risks focussed on this year, the first was management override of controls, areas focussed on were preparation of accounting estimates, looking at inappropriate journal entries and transactions with no economic substance. The second was the recognition of Covid – 19 related income. There were a number of new grants with significant value that were accounted for in different ways. Additional areas of focus included pension liability and the valuation of property, plant and equipment..
The Chairman then moved the recommendation and this was seconded by Councillor Nunn.
In response to questions Officers provided the following information:
There being no further queries the Chairman put the recommendation to the Committee and it was agreed by assent.