Councillor Simon R Harris joined the meeting by video link (in a non-voting capacity).

Members are reminded that they must not participate in the discussion or voting on any matter in which they have a Disclosable Pecuniary Interest and should leave the room prior to the commencement of the debate.

Members were reminded that they must not participate in the discussion or voting on any matter in which they have a Disclosable Pecuniary Interest and should leave the room prior to the commencement of the debate.

To receive any questions from the public, notice of which has been given in accordance with Procedure Rule 14.  The deadline for this meeting is 2.00 pm Wednesday 20 October 2021.

There were no questions from members of the public.

To receive any questions of which Members of the Council have given notice.  The deadline for notification for this meeting is 2.00pm on Wednesday 20 October 2021.

There were no questions from Members.

It was agreed to take Agenda Items 5 (Second line assurance: Final Approval - Statement of Accounts 2020/21) and 6 (Third line assurance: External Audit: Draft Annual Audit Findings Report 2020/21) together.

The report of the Executive Director of Resources (Section 151 Officer) is attached.

Contact: James Walton 01743 258915

The report of the Engagement Lead is to follow.

Contact: Grant Patterson (0121) 232 5296

      The Committee received the report of the Executive Director of Resources (Section 151 Officer) – copy attached to the signed Minutes – which presented members with the audited outturn position for the financial year 2020/21 and detailed any amendments made to the Draft Statement of Accounts during the audit process.

      The Committee also received the report of the Engagement Lead – copy attached to the signed Minutes – which set out the findings from the audit that were significant to those charged with governance to oversee the financial reporting process, as required by International Standard on Auditing (UK) 260.

      The Executive Director of Resources (Section 151 Officer) reminded Members that they had seen the Statement of Accounts at the September meeting when work was still awaiting completion by External Audit. 

      The Interim Director of Strategic Finance confirmed that Grant Thornton had substantially completed the audit and she confirmed that no material changes were identified during the audit to date, however there had been one amendment to the core financial statements and a number of other amendments made to the disclosures.  The main changes were summarised in table one on page 3 of the report and in summary the adjustments included amendments to the balance sheet and the group balance sheets in relation to the classification of a grant, an adjustment had also been made in the group income and expenditure statement of accounts and some adjustments had been made in the accounting policies in relation to non-current assets as well as critical judgment and applying accounting policies.  Amendments had also been made to a few notes to the accounts which were listed on pages 4 and 5 of the report. 

      The Interim Director of Strategic Finance confirmed that the final audit opinion would not be available until the audit had been completed however External Audit were anticipating an unqualified opinion pending the satisfactory conclusion of outstanding matters.  The Interim Director of Strategic Finance then drew attention to the Annual Governance Statement which had been approved by the Audit Committee on 30 July 2021.

The Engagement Lead took Members through the Audit Findings Report and referred the Committee to the Headlines page.  He confirmed that the audit was substantially complete apart from a couple of outstanding items which the External Audit Manager would take them through.  He then drew attention to the audit adjustments, including in relation to the classification of a grant which did not impact upon the resources available to the Council but which had been put through the financial statements. 

Turning to the recommendations, the Engagement Lead confirmed that they had completed their work in relation to housing and property, plant and equipment and were working through other random buildings.  One thing that was noted for the future, was the way in which the Council applied de minimis to certain assets and that those below £50,000 were not recorded within the financial statements but they were satisfied that the level of those now was trivial, but the council  ...  view the full minutes text for item 47.

The next meeting of the Audit Committee will be held on the 9 December 2021 at 10.00am.

Members were advised that next meeting of the Audit Committee would be held on the 9 December 2021 at 10.00 am.