Issue - meetings

2010-11 Annual Governance Report

Meeting: 29/09/2011 - Audit and Governance Committee (Item 18)

18 2010-11 Annual Governance Report pdf icon PDF 62 KB

To consider the Annual Governance Report 2010-11.

Additional documents:

Minutes:

The Committee considered the Annual Governance Report for 2010-11 which was presented by Judith Tench and Andrea Castling of the Audit Commission.

 

The Annual Governance Report (AGR) summarised the findings from the 2010/11 Audit and identified the key issues considered by the Audit Commission before issuing their opinion on the Council’s financial statements and its arrangements for securing economy, efficiency and effectiveness in the use of resources.

 

The AGR had concluded that the Council’s financial statements as presented for audit had contained two material and a significant number of other errors. The Council needed to make further improvements to its arrangements for preparing accurate financial statements and responding to audit queries. A better quality assurance process would have corrected many of the items identified. The AGR had concluded that the Council had adequate arrangements in place to secure value for money, including effective arrangements for financial governance, planning and control.

 

The Officers commented that the problem was due in part to the incompatibility of information produced by different systems; this was being addressed. Arrangements were also in hand to improve monthly reporting for budget holders through the Oracle system; this would complement the existing monthly reporting arrangements to the Corporate Management Team and Cabinet.

 

Members sought advice from the Audit Commission on how to reduce the number of errors in the Council’s Statement of Accounts in future. The Audit Commission advised that the Council should give itself more space and time within the closedown process. This would provide an opportunity to identify and correct errors at an earlier stage, which would enable the Commission to audit the accounts more quickly.

 

RESOLVED

 

That

 

(1)   the Annual Governance Report for 2010-11 be received and noted;

 

(2)   the letter of representation set out as Appendix 3 to the Report be approved;

 

(3)   the final Statement of Accounts for 2010-11 be approved;

 

(4)   in future, Members of the Committee receive both the draft and the final set of financial statements at least one week before they are made public;

 

(5)   an abbreviated version of the accounts be produced for the benefit of members of the public; and

 

(6)   the Audit Commission’s representatives be thanked and the Committee’s appreciation be extended to those Officers involved in producing the statement of accounts and providing the recent training for Members.