A report of the Deputy Chief Executive/Director of Finance reminded the Committee that the Council’s Constitution allocated responsibility for the approval of the Statement of Accounts to the Audit and Risk Management Committee. The Statement for 2010/11 had been published on 4 July 2011 and was then subject to audit. The District Auditor would present his findings within the Annual Governance Report (AGR) together with additional updates to this Committee meeting.

The Statement of Accounts included the Merseyside Pension Fund (MPF) accounts as the Council was the Administering Authority for MPF.  As MPF received a separate Annual Governance Report (AGR) this had been considered by the Pensions Committee on 19 September 2011 and this Committee on 28 September 2011 as part of approving the Accounts.

Members noted that the Accounts were subject to audit and if the Audit Commission required any material amendments to the Accounts, then under the Audit Commission Act 1998 and the Audit Commission Code of Audit Practice for Local Government, the District Auditor reported on the financial statements.  As stipulated by the Regulations, these would be reported to this Committee, prior to 30 September 2011.

The Committee was responsible for approving the Statement of Accounts (which presented the Council’s coverall financial position as at 31 March 2011) on behalf of the Council which was a requirement under the Accounts and Audit Regulations 2003, as amended in 2011.  The Committee studied the report and Statement of Accounts in detail noting that there were a number of amendments to the financial statements that had been requested by the District Auditor and were detailed in the AGR at Appendix 2.  These amendments had been agreed by Officers and Members were requested to agree to them too.

The District Auditor had also identified a potential misstatement which had not been adjusted in the Accounts at Appendix 3.  Members received an update and were asked to consider whether or not they would want to adjust the Statement of Accounts should this issue remain.  It was noted that any unadjusted misstatement must be referred to in the Letter of Representation.  They had not changed the level of General Fund balance or reserves and provisions at 31 March 2011.

The Deputy Chief Executive/Director of Finance reported that the Audit Opinion would be issued following the Committee’s consideration of the AGR, approval of any amendments to the Statement of Accounts and agreement of the Letter of Representation (the draft was included at Appendix 6 to the AGR).  The District Auditor would issue an opinion before 30 September 2011 and state if the accounts were a true and fair view of the financial position of the Council at 31 March 2011.  The Auditor’s report would be incorporated within the final version of the Statement of Accounts that would enable the accounts to be agreed and published by 30 September 2011, (the statutory deadline).

The report also included a Value for Money conclusion and the Committee was told that District Auditor had identified that, whilst the  ...  view the full minutes text for item 22