Issue - meetings

The Final Accounts Memorandum relating to the audit of the accounts for 2009-2010 is set out in the appendix to the report of the Borough Treasurer and Head of Assets.

Representatives from the Audit Commission will be in attendance.

The Audit Commission had presented its audit findings to the Committee meeting held on 30 September 2010 at which time it issued an unqualified opinion.

The Committee now received the Final Accounts Memorandum which identified action points for Officers and Members to consider for the preparation of the 2010-2011 financial statements.   These included –

·         The qualitative issues reported in the Annual Governance Report;

·         Opportunities for strengthening controls and procedures; and

·         Action in respect of known risk areas for the 2010-2011 accounts.

Judith Tench and Andrea Castling (Audit Commission) were in attendance and spoke to the report, highlighting key issues.

The Committee was asked to note an increase in the audit fee as set out in paragraphs 8 and 9 of the Memorandum. The original fee for the audit which had been set at £402,925 in April 2009 had been based on certain assumptions. In the event, additional work had been carried out and the Audit Commission was raising an additional fee in the order of £13,650.  The reasons for the increase and the level of fee had been discussed and agreed with the Borough Treasurer. The report gave details of the additional work undertaken.

In response to a Member’s question about the possibility of comparison with other authorities; for example, Cheshire West and Chester, the Committee was informed that comparisons with other authorities were not helpful in terms of bench-marking.  A more meaningful measure would be for Members to consider progress against the Authority’s management accounts reported to Cabinet on 19^th July 2010 in the Final Outturn report. .

Following comments, it was AGREED that Officers provide more detailed information under separate cover for Members of the Committee. 

At the January meeting, a detailed Audit Plan would be submitted, together with a further update.

RESOLVED:

1.                  That the Final Accounts Memorandum for 2009-2010 be received; and

2.                  That the audit fee, as set out in paragraphs 8 and 9 of the Memorandum, be noted.