Meeting documents

To consider this report.

The Chair invited Mr Davies, of Grant Thornton, the Council’s external auditors to introduce his report and he began by directing attention to pages 116 and 117 and he provided an overview of the report, noting that the external auditors were aiming to provide their opinion on the Council’s financial statements by 30 November 2021.

He noted that the value for money assessment had changed, due to a new Code of Audit Practice that required an external auditor’s annual report (in addition to the external audit findings report based on the financial statements) and that the annual report would contain a commentary on the value for money criteria and associated recommendations.

It was noted that the change to the timing of the financial statements report, and the increased work associated with the value for money assessment had impacted on the audit fee. There was a question about auditing the pension fund investments and it was noted that the auditors were concerned to ensure the valuations of the investments in the fund was accurate.

There was a question about the auditing of the Council’s finances considering local government reorganisation and it was explained that there would be a seamless and rigorous process. The Director of Finance noted that he would provide further information on the 2 public interest reports so that the Council could benefit from the lessons learnt.

The update report was accepted.

The Chair invited Mr Davies, of Grant Thornton, the Council’s external auditors to introduce his report and he began by directing attention to pages 116 and 117 and he provided an overview of the report, noting that the external auditors were aiming to provide their opinion on the Council’s financial statements by 30 November 2021.

He noted that the value for money assessment had changed, due to a new Code of Audit Practice that required an external auditor’s annual report (in addition to the external audit findings report based on the financial statements) and that the annual report would contain a commentary on the value for money criteria and associated recommendations.

It was noted that the change to the timing of the financial statements report, and the increased work associated with the value for money assessment had impacted on the audit fee. There was a question about auditing the pension fund investments and it was noted that the auditors were concerned to ensure the valuations of the investments in the fund was accurate.

There was a question about the auditing of the Council’s finances considering local government reorganisation and it was explained that there would be a seamless and rigorous process. The Director of Finance noted that he would provide further information on the 2 public interest reports so that the Council could benefit from the lessons learnt.

The update report was accepted.