Decision details

Georgia Jones, Key Audit Partner submitted a report on behalf of Grant Thornton which outlined their audit findings and key matters arising from the audit of the Council’s financial statements for the year ending 31 March 2023.

She reminded members that:

Under International Standards of Audit and the National Audit Office, Grant Thornton are required to report on whether the Council’s financial statements give a true and fair view of the Council’s financial position and its income and expenditure for the year.

She informed Committee that:

·       The audit had been prepared in line with the appropriate codes of practice.

·       The audit had identified that adjustments to financial statements were required in relation to internal recharges. The Auditors were satisfied that the required adjustments had now been made, which had impacted gross income and expenditure, however there was no resulting impact on the net bottom-line figure. Prior period adjustments were also required to the accounts for 2021/22, which again had not impacted the net bottom-line figure. As a result, their work was still ongoing, and subject to completion of further testing, a final audit opinion would be issued.

·       The Auditors were still undergoing work in relation to the Valuation of pension fund liability, and were awaiting Pension Fund Assurance, however no significant issues had been identified so far.

·       Grant Thornton anticipated providing an unqualified opinion on the financial statements, subject to the outstanding matters being resolved, by the end of October 2023.

The Chairman thanked Grant Thornton for their work.

RESOLVED THAT COMMITTEE

Accepted the external auditors audit findings report for year ending 31 March 2023, with the understanding that the audit is still ongoing and a further report will be brought Committee.