Issue - meetings
FINANCE, AUDIT AND RISK ANNUAL REPORT 2022-2023
Meeting: 13/07/2023 - Council (Item 223)
223 FINANCE, AUDIT AND RISK COMMITTEE ANNUAL REPORT 2022-2023 
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REPORT OF THE SERVICE DIRECTOR: RESOURCES
To consider the Annual Report of the Finance, Audit and Risk Committee for the 2022/23 Civic Year.
Additional documents:
Decision:
RESOLVED: That Full Council noted the Annual Report of the Finance, Audit and Risk Committee 2022-2023.
REASON FOR DECISION: To provide Full Council with assurance as to the effectiveness of the Finance, Audit and Risk Committee.
Minutes:
Audio recording – 131 minutes 35 seconds
Councillor Sean Nolan presented the referral from Cabinet regarding the Finance, Audit and Risk Committee Annual Report 2022-2023 and advised that:
· It was important to highlight the Action Plan developed from the recommendations of the recent Peer Review.
· A number of items had been delayed into next year as detailed in the report.
· The draft accounts from the previous year had not been approved and the Service Director – Resources could provide further information on this.
The Service Director – Resources presented the report entitled ‘Finance, Audit and Risk Committee Annual Report 2022-2023’ and advised that:
· He thanked Councillor Terry Tyler for his work as role of Chair of Finance, Audit and Risk Committee in 2022-2023.
· The Annual Report highlighted the achievements of the past year and an overview of proposed work for upcoming year.
· Whilst many reports to the Committee are cyclical in nature, the report also highlighted the additional items.
In response to a question from Councillor Terry Hone, the Service Director – Resources advised that:
· There were two delays at the moment. The first was to the outstanding audit and approval of the 2021-2022 accounts. The current inherent delays in audits of Council accounts had already meant that the North Herts Council audit had been delayed. The triennial valuation of the pension fund then took place before the audit was completed, which resulted in a significant movement.
· Due to this the audit had to look again at the pension numbers, due to the value of the differences.
· It was hoped that a final outcome would be provided in the next few weeks and that the 2021-22 accounts would be approved in September.
· Due to the variance with pension funds from 2021-22, this had an impact on the opening balance of 2022-2023, therefore it would not be appropriate at this stage to release the final draft accounts.
· Once the pension numbers for 2022-23 were available, then the draft accounts would be issued. This would be followed by a period for public inspection of the accounts. The audit of the 2022-23 accounts would then follow, however this was not likely to be before November in any event.
Councillor Sean Nolan proposed and Councillor Terry Hone seconded and, following a vote, it was:
RESOLVED: That Full Council noted the Annual Report of the Finance, Audit and Risk Committee 2022-2023.
REASON FOR DECISION: To provide Full Council with assurance as to the effectiveness of the Finance, Audit and Risk Committee.