Redactions have been made to the report as it is exempt Information relating to the financial or business affairs of any particular person (including the authority holding that information) in accordance with Part 1 of Schedule 12A of the Local Government Act 1972.
Kevin Suter and James Stuttaford introduced the report as set out and advised that, the outstanding agreement on the valuation for one asset had now been received by the audit team and was now being reviewed by EY. It was therefore anticipated that on receipt of the final approved accounts and Letter of Representation it should be possible to finalise the audit.
Mr Suter and Mr Stuttaford responded to questions from members on the following:
a) Levels of materiality;
b) Assessment of risk;
c) Reasons for the delays in completing the audit and steps being taken to address.
Councillor Cutler expressed frustration regarding the delays in external audit results, which the committee noted were being experienced nationally across the sector. The impact on officers within the Finance team was also highlighted.
That the Letter of Representation be approved as contained as Appendix 2 to the report.