Issue - meetings

REPORT OF ERNST AND YOUNG

To consider the Audit Results Report.

RESOLVED: That the Audit Results Report be noted by the Committee.

Audio Recording: 8:47

Ernst & Young presented the report entitled Audits Results and highlighted the following key points:

·         This is a required report once E&Y have completed their audit and before their opinion is given on financial statements;

·         To highlight the key risks identified, the work that has been done to address those risks, and the conclusion from the audit work;

·         Now substantially completed the audit of the accounts of 2021 financial year, there are some areas of work that are subject to manager review, aiming to complete those over the next few weeks;

·         The biggest remaining piece of work is the review of the Council’s property plan and equipment;

·         No significant changes from the planned audit procedures; have updated their materiality based draft financial statements;

·         Haven’t identified any risks or change to risks during the audit work;

·         Haven’t identified any difference from the audit other than minor disclosure differences;

·         Have now identified one adjusted difference of £651,000 which is a reduction of pension fund liability;

·         One area that won’t be completed in a timely basis is the work on the Whole of Government Accounts on behalf of the NAO, due to the instructions of that work not being issued until July this year; Cannot issue the audit certificate which concludes the audit;

·         Page 44 summarises the risks that E&Y have identified, which includes 2 fraud risks and 1 significant risk;

·         Have not identified any issues in relation to the fraud risks; and have completed work on investment properties;

·         Have also completed the work on Grant Income and have not identified any issues.

The following Members asked questions:

·         Councillor Terry Hone

·         Councillor Adam Compton

In response to questions, Ernst & Young advised:

·         E&Y are happy to report back to the Committee once all stages of the audit have been completed and if any issues arose it would be brought to the Committee.

Councillor Keith Hoskins proposed and following a vote, it was:

RESOLVED: That the Audit Results Report be noted by the Committee.