Corporate Governance, Audit and Standards Committee - Monday, 29th June, 2015 7.00 pm - Agenda and minutes
Venue: Council Offices, Farnborough
Contact: Committee Administrator, Kathy Flatt Tel. (01252 398829) or email kathy.flatt@rushmoor.gov.uk
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To confirm the Minutes of the Meeting held on 28th May, 2015 (copy attached). Minutes: The Minutes of the Meeting held on 28th May, 2015 were approved and signed by the Chairman. |
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STATEMENT OF ACCOUNTS 2014/15 – DUTIES AND RESPONSIBILITIES PDF 32 KB To consider the Head of Financial Services’ Report No. FIN1514 (copy attached) which sets out for discussion the duties and responsibilities of the Committee in respect of the Statement of Accounts. The discussion will include a short review of the Council’s unaudited Statement of Accounts (to follow) to allow sufficient time for their due consideration ahead of the approval meeting in September. Minutes: The
Committee considered the Head of Financial Services’ Report No. FIN1514, which
set out the duties and responsibilities of the Committee in respect of the
Statement of Accounts. The
Committee was reminded that the Statement of Accounts for 2014/15 had been
prepared in line with CIPFA’s ‘Code of Practice on Local Authority Accounting’
for 2014/15, under International Financial Reporting Standards and in
accordance with the Accounts and Audit (England) Regulations, 2011. These
Regulations required a committee of the Council to consider the Statement after
completion of the audit of the accounts and presentation of the auditor’s Audit
Results Report. CIPFA also recommended that the Statements should be issued in
advance of the approval meeting in order to allow sufficient time for due
consideration of the information. The
Committee reviewed the Council’s unaudited Statement of Accounts, copies of
which were circulated at the meeting, to give Members sufficient time for their
due consideration ahead of the approval meeting in September, 2015. The
Statement of Accounts 2014/15 consisted of: •
An introduction
and summary of significant financial issues during the year (explanatory
foreword) •
Statement of
responsibilities •
Four key
financial statements – Movement in Reserves, Comprehensive Income and
Expenditure Statement, Balance Sheet and Cash Flow •
Notes to the core financial statements – including
accounting policies •
Collection Fund and accompanying notes •
Auditors’ Results Report. The
Head of Financial Services gave a summary of the documents that had been
considered by the Committee over recent months in respect of the Council’s
Statement of Accounts. On the decluttering of the Statement of Accounts, the
Committee agreed the reasoning behind the items that had been removed from the
Statement. The
Report reminded Members of the various factors which should be borne in mind
when considering the accounts. Once these factors had been considered, Members
should be satisfied that the accounts represented a true and fair view of the
Council’s financial position. The Committee was advised of other sources of
information and assurance which could be used to help Members approve the
accounts. These included: • The Council’s 8-Point Plan • Internal audit • The
work of the Standards and Audit Committee in considering fraud, risk and
internal audit reporting • Statements of senior officers • External audit opinion • Other inspections – HMRC (VAT, PAYE) • Financial and performance reports • Members’ own knowledge of the affairs
of the Council • The context (eg
economic climate, interest rates, property prices, inflation) • Expert knowledge (eg
actuarial reports) The Head of Financial Services guided the Committee through the draft Statement of Accounts and answered Members’ questions. Members asked questions concerning business rates, remuneration and expenses allowances, retirement and replacement dates, the process for decluttering the accounts, access to the audited accounts by members of the public, the work of Internal Audit and the revised Contract Standing Orders. Members felt that the session had been a useful exercise in preparing for the approval of the Statement of Accounts in September. Members were ... view the full minutes text for item 8. |