Issue - meetings

The Head of Finance and Investments presented an update on the sign off of the accounts for the 2020/21 financial year, which were 15 months late for publication. 

The Committee had received several reports during 2022 on the progress of the external audit for the 2020/21 financial year accounts. There had been a number of issues, in respect of the financial statements audit and the governance qualification, that had held up the sign-off of these accounts by the external auditor.  The report outlined the key activity that the finance team and EY had been involved with since the last update to the Committee on the 22 September 2022.

A detailed update was provided in relation to the three main outstanding issues that had been ongoing in respect of the 2020/2021 accounts as follows:

•           Insurance Provision Changes.

•           Highways Infrastructure Assets.

•           Going Concern Assessment.

The three issues had to be completed before the audit opinion could be signed off by EY.  It was anticipated this would happen by the end of March.  It was noted that several other Local Authorities were in the same position. 

AGREED that the information was provided and noted.