Issue - meetings

Statement of Accounts and Audit Results

Meeting: 25/09/2017 - Corporate Governance, Audit and Standards Committee (Item 17)

17 Statement of Accounts and Audit Results pdf icon PDF 53 KB

To consider the Head of Financial Services’ Report No. FIN1729 (copy attached), which seeks approval for the Council’s Statement of Accounts and summarises the findings of the Council’s auditors, Ernst & Young, in carrying out their audit work in relation to the 2016/17 financial year.  A representative from Ernst & Young will be in attendance to present their Audit Results Report 2016/17 (copy attached as Appendix to the Report).

Additional documents:

Minutes:

The Committee considered the Head of Financial Services’ Report No. FIN1729, which sought approval for the Council's Statement of Accounts for 2016/17 and set out the findings of the Council's external auditors, Ernst & Young, in carrying out their audit work in relation to the 2016/17 financial year. 

 

The Committee noted that the Statement of Accounts had been prepared in line with CIPFA's Code of Practice on Local Authority Accounting' for 2016/17 under International Financial Reporting Standards (IFRS) and in accordance with the Accounts and Audit (England) Regulations 2015.   The Statement of Accounts had to be published by 30th September 2017.

 

The Statement of Accounts consisted of the following sections, all of which were set out in Appendix A to the Report:

 

·                Narrative Statement

·                Statement of Responsibilities

·                Core Financial Statements - Movement in Reserves, Comprehensive Income and Expenditure, Balance Sheet and Cash Flow

·                Notes to the Core Financial Statements - including accounting policies

·                Collection Fund and accompanying notes

 

The Council's Annual Governance Statement, which had been approved earlier at the meeting, would be published alongside the Statement of Accounts.

 

The Council would be providing a letter of representation to the Auditors as part of the annual audit process.  This was an important factor in enabling the Auditor to form his/her opinion as to whether the Statement of Accounts provided a true and fair view of the financial position of the Council.   A copy of the text of this letter was set out in Appendix C of the Audit Results Report.

 

The Chairman then welcomed Ms Justine Thorpe of Ernst & Young who was attending the meeting to present the Audit Results Report 2016/17, which was set out in Appendix B to the Report.   Ms Thorpe stated that she anticipated that Ernst & Young would issue an unqualified opinion on the financial statements and that the Council had made proper arrangements to secure economy, efficiency and effectiveness in the use of resources.  The Auditor had also made some recommendations to strengthen the Council's governance arrangements in relation to the role of the Committee, a review of the Council’s risk management framework and the way the Council reviewed the advice received from experts. 

 

The Head of Financial Services and Ms Thorpe then answered Members' questions in respect of land value and buildings on such areas of land. 

 

RESOLVED:  That

 

(i)        the Auditor's Audit Results Report, as set out in the Head of Financial Services' Report No. FIN1729, be noted;

(ii)       the Financial Statements for 2016/17 be approved

(iii)      the letter of representation be approved; and

(iv)      the Chairman be authorised to sign page 15 of the Statement of Accounts 2016/17 to certify the Committee's approval.