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Agenda item

Grant Thornton - Audit Findings Report

To consider the report of the Borough Treasurer.

Minutes:

Consideration was given to the report of the Borough Treasurer as contained on pages 275-310 of the Book of Reports. The purpose of the report was to receive an updated report from the Council's External Auditors, setting out their findings on the audit of the accounts and value for money.

 

The Chairman invited Andrew Smith and Georgia Jones from Grant Thornton to present their Audit Findings Report to the Committee.

 

Comments and questions were raised in respect of the following:

·         To what extent are parts of the audit set by Central Government. What is the relationship between the External Auditors and Central Government?

·         The date of the Authority's valuation of assets and whether this date can be changed for auditing purposes

·         The date other Authorities use when valuing assets

·         The proposed new date for valuing assets to tie in with annual audit of accounts

·         External Audit fee increases and the reasons for this

·         Fee increases being in line with other Authorities

·         The Borough Treasurer and External Auditors to meet and discuss the steps to be taken to improve the audit process for the 2019/20 accounts.  

 

RESOLVED: A. That the Audit Findings Report be noted

B. That the steps that can be taken to ensure that the audit of the accounts for 2019/20 can be completed within the expected 2 month timescale be reported back at the next meeting.

C. That the letter from Grant Thornton set out in appendix 2, requesting an increase in their audit fee be noted.

Supporting documents: