Issue - meetings

To receive the Annual Audit Letter from Grant Thornton summarising the key findings arising from the work they have carried out at Mid Devon District Council and its subsidiary for the year ended 31 March 2018.

The Committee had before it, and NOTED, a report * from Grant Thornton summarising the key findings arising from the work that they had carried out at the Council and its subsidiary for the year ended 31 March 2018. It was explained that this was the public facing document and confirmed their unqualified opinion on the financial statements and value for money.

Consideration was given to the following:

·         Risks identified in their audit plan specifically those in relation to the Council’s housing company arrangements. It was confirmed that whilst Grant Thornton did not specifically audit the 3 Rivers Development Company, they did review its accounts as part of the consolidated financial statements of the authority. Up until now the figures in relation to 3 Rivers had not been significant enough to trigger a full external audit, however, this might change in the future. It was stated that the Committee should be reassured that one of the Directors of the company was also the Deputy Chief Executive (S151) and therefore fully conversant with the financial arrangements and undertook regular budget monitoring.

·         There would always be risks involved in the valuation of property, plant and equipment since this involved estimation and actuarial assumptions. These risks would be identified in the findings of all local authorities.

Note: * Report previously circulated; copy attached to the signed minutes.