Venue: The Conference Room, St Michael's Church, Workington
Contact: Kathryn Magnay 01900 702635
To sign as a correct record the minutes of the meeting held on 21 August 2017.
The minutes of the meeting held on 21 August 2017 were signed as a correct record.
Declaration of Interests
Councillors/Staff to give notice of any disclosable pecuniary interest, other registrable interest or any other interest and the nature of that interest relating to any item on the agenda in accordance with the adopted Code of Conduct.
To answer questions from members of the public – submitted in writing or by electronic mail no later than 5.00 pm, 2 working days before the meeting.
To consider the work completed by the
Assurance Risk and Audit Service during the second quarter 2017/18
and to approve the revised plan.
The Assurance, Risk and Audit Manager submitted a report which sought to inform Members of the work performed by Assurance, Risk and Audit in the second quarter of the financial year 2017/18 and to present the revised annual plan.
Chargeable time for the Assurance, Risk and Audit service for quarter two was 79.63%. This was below the planned target of 81.77%. The revised plan set a chargeable time target at 79.37%.
Members noted the assurance activities for the quarter, which focused mainly on the completion of the Statutory Audit Reviews and training. The following reports had been submitted, detailing the reviews:
· Capital Accounting 16/17
· Treasury Management 16/17
Members noted the following reviews in progress at 30 September 2017:
· Development Services 17/18 – Submitted as final prior to the meeting
· Economic Growth 17/18 – Submitted as final prior to the meeting
· Ethics and Culture 17/18 - Planning
· Business Continuity 17/18 – Planning
100% of recommendations made by Assurance, Risk and Audit were accepted by management during the quarter.
Members noted the Corporate Risk and Issues Log.
That the report be noted and the recommendation to agree the revised plan was accepted.
To inform members of the Council’s
treasury management activities during the six month period ending
30th September 2017. This report also provides assurances that
treasury management activities have been undertaken in accordance
with the Council’s approved Treasury Management Strategy
Statement and Investment strategy
The Financial Services Manager submitted the mid-year review report on treasury management operations for 2017/18. The report set out to inform the Audit Committee of the Council’s treasury management activities during the six month period ending 30 September 2017. The report also provided assurances that treasury management activities had been undertaken in accordance with the Council’s approved Treasury Management Strategy Statement and Investment strategy.
To enable the Audit Committee to fulfil its responsibilities for ensuring effective scrutiny of the treasury management strategy and policies the Council’s Treasury Management Practices require treasury management reports – including the mid-year report – to be submitted to the Committee prior to consideration by the Council.
The mid-year report had been prepared in accordance with the Chartered Institute of Public Finance and Accountancy Code of Practice on Treasury Management 2011 Edition and covered:
· An update on the economic environment for the first six months of the financial year 2017/18
· Updated interest rate forecasts
· Treasury Management Strategy Statement and Investment Strategy update
· A review of the Council’s investment and borrowing activities during the period 1 April to 30 September 2017
· A review of compliance with the Council’s treasury and prudential indicators for 2017/18
Members noted the contents of the report.
That Council be requested to note that the contents of the Treasury Management Operations mid-year review report 2017/18.
J Farrar, Grant Thornton presented an Audit Committee update report to inform the Committee of the progress made by the external auditors on delivering their responsibilities as at November 2017.
The planned fee letter for 2017/18 had been issued in April 2017. The fee letter for 2017/18 had also been issued in April 2017.
A detailed accounts audit plan setting out the auditor’s proposed approach in order to give an opinion on the Council’s 2017/18 financial statements will be presented to the Audit Committee upon completion of the Audit Planning.
The interim accounts audit need to be completed earlier in the audit cycle.
The final accounts audit was planned for June/July 2018.
The Value for Money (VfM) conclusion was to be reported to the Audit Committee by July 2018.
Members noted the report.
That the report be noted.
R McGahon, Grant Thornton presented the Audit Committee with the Annual Audit Letter. The letter summarised the key findings arising from the work that the external auditors had carried out at the Council for the year ended 31 March 2017.
The following work had been carried out:
Financial statement opinion – the auditors gave an unqualified opinion on the Council’s financial statements on 24 August 2017
Value for money conclusion – the auditors were satisfied that the Council put in place proper arrangements to ensure economy, efficiency and effectiveness in its use of resources during the year ended 31 March 2017
Certificate – the auditors certified that they had completed the audit of the Council’s accounts in accordance with the requirements of the National Audit Office Code of Audit Practice on 24 August 2017
Certification of grants – the auditors had carried out work to certify the Council’s Housing Benefit subsidy claim on behalf of the Department for Work and Pensions. The work had been completed. The Auditors certificate and qualification letter was issued on 27 November 2017. No amendments were made to the claim for the minor issues raised in the qualification letter.
Members noted the following reports issued:
Audit Plan – February 2017
Audit Findings Report – August 2017
Annual Audit Letter – October 2017
That the contents of the Annual Audit Letter be noted.