Report of Managing Director

The Managing Director submitted a report (previously circulated) providing Members with information on the outcomes of the audit of the Council’s 2017/18 accounts and seeking approval to conclude the accounts based on Officers recommendations, with regard to key issues arising from the audit.

The submitted report referred to one unadjusted misstatement in the accounts and the reason for that misstatement and it was reported that, following discussion with Ernst Young (EY), the Council’s external auditors, it was considered that the item was not material in the context of the Statement of Accounts as a whole, and it was not proposed to adjust it in the accounts.

It was reported that, in accordance with statutory requirements, EY had audited the accounts and a copy of the report which outlined the results of their audit and the Value for Money conclusions was appended to the submitted report.  Nicola Wright from EY advised Members that the audit work on the accounts  had been completed and that an unqualified opinion on the Council’s 2017/18 accounts would be issued; that they were expected to conclude that the Council has put in place proper arrangements to secure value for money in its use of resources; and that no areas of concern had been found on whether the Council’s Annual Governance Statement complied with guidance and whether it might be misleading or inconsistent with other information known to them.

RESOLVED - (a)  That the Auditors ISA 260 report on the Council’s 2017/18 financial statements be noted.

(b)  That the accounts be not adjusted in respect of those items as identified in the submitted report.

(c)  That the IFRS compliant Statement of Accounts for the 2017/18 financial year be approved.

(d)  That the thanks of this Committee be extended to the Finance Officers and the Council’s external auditors on the work undertaken to achieve faster closure of the 2017/18 Accounts.