Diane Grisdale, Senior Finance Manager - Policy, Strategy and Financial Accounts introduced the report of the Director of Resources and Investment (Section 151 Officer) that presented the draft, unaudited, 2019/20 Statement of Accounts. Also included were a guide and extra information in relation to the accounts.

The Statement of Accounts set out the Council’s financial position as at the 31 March 2020 with a summary of its income and expenditure for the year ended 31 March 2020.

The Senior Finance Manager - Policy, Strategy and Financial Accounts apprised the Audit and Risk Management Committee (ARMC) that the draft, unaudited Accounts had been published on the Council’s website in line with the revised statutory deadline of 31 August 2020.

This report provided background information on the reasons why the Council prepares annual Accounts and the revised publication timetable for 2019/20.

The report also provides commentary on:

• the main Statements contained within the Accounts,
• the public inspection period currently underway, and
• arrangements being made to implement an external audit of the full Accounts by the Council’s appointed auditor.

The Senior Finance Manager - Policy, Strategy and Financial Accounts responded to questions from Members on a number of key areas that included depreciation, statutory adjustments and minimum revenue provision.

The Audit and Risk Management Committee agreed that further discussion on the expectation on auditors, financial sustainability take place, and that this be managed through meetings with the ARMC Chair and Political Spokespersons ahead of final sign-off on the accounts.

RESOLVED – That the draft, unaudited, 2019/20 Statement of Accounts be noted, and that further observations be provided via the Chair and Party Spokesperson prior to final sign-off on the accounts.

Following the decision of Committee, Members received a short verbal report from Mark Stocks, External Auditor on the sustainability of Local Authority Audits, transparency, investing in training and the pricing of audits.