Issue - meetings

To receive the External Audit Progress Report

The Committee received, and NOTED, a verbal update from Grant Thornton as the Council’s external auditors.

The contents of the report were outlined with the following being highlighted:

• Grant Thornton had experienced difficulty in delivery at a national level.
• There was an aim for the audit to be delivered to January’s Audit Committee meeting.
• Pension fund and property plans and equipment assurances presented as the biggest challenge.
• 3 Rivers Development Ltd appointed an auditor. Grant Thornton were satisfied with the standard of work produced by the auditor.
• No Issues were found with regard to the consolidation of account figures but accounts may need adjustment.
• Committed to sign off audit as soon as possible.

Discussion took place regarding:

• In regard to adjustments to the group financial statements had the Council not calculated a high enough impairment. Accounts had not been signed off at this time and these figure were estimations. External auditors will see if estimates were correct and if there are changes they will be seen by Members and the Public. 
• Whether it was usual that a Council could not provide a list of amounts owed due at year end. This was usual due to the changing nature of the figures.
• If the delay had caused financial implication. It had not caused financial implications, but had resource deployment implications.