Agenda and minutes

Statutory Accounts Committee
Thursday, 25 September 2008 7:00 pm

Venue: Terrace Room, York House, Richmond Road, Twickenham

Contact: Paul Johnston, Democratic Services Officer, 020 8891 7156, Email: paul.johnston@richmond.gov.uk 

Items
No. Item

6.

APOLOGIES

    • 0

    Minutes:

    Apologies were received from Councillor Lourie.  In Councillor Lourie’s absence, it was agreed that Councillor Knight would chair the meeting.

7.

DECLARATIONS OF INTEREST

    • 0

    Members are asked to declare any interests in matters for consideration at the meeting.

    Minutes:

    None.

8.

MINUTES pdf icon PDF 29 KB

    • 0

    To approve the Minutes of the meeting held on 25 June 2008 attached.

    Minutes:

    The Minutes of the meeting held on 25 June 2008 be received and approved and the Chair be authorised to sign them.

9.

REPRESENTATIONS FROM MEMBERS OF THE PUBLIC (IF ANY)

    • 0

    Minutes:

    None.

10.

REPORT OF THE AUDITOR TO THOSE CHARGED WITH GOVERNANCE pdf icon PDF 31 KB

    • 0

    The Audit Commission have issued a Code of Audit Practice 2005 (the Code), which sets out specific guidance for auditors on reporting to their audited bodies.  The Code incorporates the relevant professional auditing standards (currently International Auditing Standard 260 - ISA 260), that requires the Auditor to report key findings from the audit to “those charged with governance” (referred to as the ISA 260 report), prior to issuing their opinion on the Statement of Accounts and conclusions on the use of resources. PKF will be attending the Committee to present their report and answer any questions Members may have.

     

    Report of the Director of Finance and Corporate ServicesAttached.

     

    Report of the External auditorAttached.  

    Additional documents:

    Minutes:

    The Committee noted the final report of the Auditor to those charged with governance.

     

    [The Committee heard a short presentation from Leigh Lloyd-Thomas of the Council’s external auditors (PKF).  Mr Lloyd-Thomas informed the Committee of the following matters arising from the auditor’s report:

     

    • The key changes introduced by the 2007 Statement of Recommended Practice in compiling the Statement of Accounts for 2007 / 2008.  These changes included new accounting and reporting requirements for financial instruments, and the Council’s Finance Department had correctly interpreted these changes and incorporated these in the accounts.

     

    • A recommendation that the Council review the year end school bank balance reconciliation in future years to identify the cash, creditor and debtor balances.

     

    • The historical allocation of carrying values for land and buildings required some adjustments to be made to the Statement of Accounts as a result of the revaluation of both the land and building elements of the Civic Centre.

     

    • Improvements that could be made to the reconciliation of movements in the membership of the Pension Fund.

     

    • The application of controls in the accounts payable system had significantly improved from last year.

     

    Mr Lloyd-Thomas informed the Committee that the Auditors were proposing to issue an unqualified opinion on the Statement of Accounts.  Mr Lloyd-Thomas also stated that the external auditor considered there to be adequate arrangements in place for data quality and use of resources, though a final judgement on this would be reported later in the year.

     

    With regard to the Pension Fund, the Committee asked whether comprehensive checks were in place to ensure that details of pension fund members were current and correct.  Officers responded that such procedures were in place.

     

    The Committee was informed that the land and building value of the Civic Centre had been reached based on its existing use. 

     

    The Committee was assured that the Auditors had enjoyed the full cooperation of the Council’s Finance Department in compiling the report. 

     

    The Chair thanked Mr Lloyd-Thomas, and the Council’s Finance Department, for their work on the Statement of Accounts.]

 

Updated: 4 April 2014