The purpose of this report is for the Audit Committee to consider and approve the Statement of Accounts for the year ended 31 March 2019.
It is recommended that the Audit Committee
1. approves the Statement of Accounts for the financial year ended 31 March 2019;
2. approves the Letter of Representation for 2018/2019; and
3. confirms that the accounts have been prepared on a going concern basis.
Graeme Clark, Strategic Director, introduced the Statement of Accounts to the Committee. A briefing session had been held earlier in the month, and had provided an opportunity for members of the Committee to ask any detailed questions on the accounts. He was pleased to hear from Laurelin that the majority of the audit work was now complete. A number of pages within the accounts had been revised as a result of the net pensions liability issue.
The Committee had some concerns about approving the accounts before the audit was fully completed. Cllr Seaborne also highlighted that last year, a re-valuation of property had resulted in a change of £4m. Graeme Clark stated that he hoped there would not be any significant changes arising from the remaining work, but in order to make any minor amendments that may be required, he proposed a revised recommendation to give delegated authority to make changes subject to there being no fundamental misstatements.
The Committee agreed with this approach, and requested that it be informed of any changes made to the statement of accounts under this delegation. Additionally, the Committee requested that Grant Thornton circulate a final Audit Findings Report once all the audit work had been completed.
In view of the ongoing audit work in relation to property valuations, the Committee RESOLVED that delegated authority be given to the Strategic Director (s151 Officer) in consultation with the Chairman of the Audit Committee to consider any changes to the External Audit Findings Report and, if satisfied with the report to make any necessary amendments to the accounts and/or Letter of Representation, and subject to this:
1. Approved the Statement of Accounts for the financial year ended 31 March 2019;
2. Approved the Letter of Representation for 2018/2019; and
3. Confirmed that the accounts had been prepared on a going concern basis.