Agenda item

To consider the report of the Head of Finance, Procurement and Commercial Property.

Consideration was given to the report of the Head of Finance, Procurement and Commercial Property as contained on pages 465–473 of the Book of Reports, the purpose of which was to receive an update from the Council's external Auditors, Grant Thornton, on a range of different matters.

The Chairman invited Andrew Smith from Grant Thornton to present the Progress Report to the Committee. He confirmed that all accounts, including the Council's annual Housing Benefit Subsidy claim for 2018/19, have been certified and the audits have been closed. Andrew Smith advised of changes which will affect the 2019/20 audit as a result of changes within the finance industry.

Comments and questions were raised in respect of the following:

·         The impact of the new changes being introduced

·         The lack of resources and finances across the industry

·         People leaving the profession, making recruitment difficult

·         Workloads being spread over longer periods meaning deadlines will be missed.

·         Representations made to Government by Representatives of the Finance industry.

·         Focus of new regulation being in the wrong direction and not what users need.

·         Cost of new regulation being disproportionate to workloads.

·         Cost to WLBC of audits under new regulation is likely to rise, but is still likely to be cheaper than previous method of audits.

RESOLVED: That the Grant Thornton Progress Report be noted.