Agenda and minutes
Statutory Accounts Committee
Monday, 17 September 2012 6:00 pm
Venue: York House, Richmond Road, Twickenham
Contact: Joanne Straw, Governance and Scrutiny Officer, 020 8891 7603, Email: email@example.com
To receive apologies from any members of the committee unable to attend.
Apologies were received from Councillor Williams and Councillor Gibbons attended as substitute.
DECLARATIONS OF INTEREST
Members are asked to declare any interests in matters for consideration at the meeting.
No declarations of interest were received.
To approve the minutes of the meeting held on 16 September 2011 attached.
The minutes of the meeting held on 16 September 2011 were agreed as a correct record and the Chairman authorised to sign them.
REPRESENTATIONS FROM MEMBERS OF THE PUBLIC (IF ANY)
To hear representations from members of the public registered to speak.
There were no representations from members of the public.
To receive the report of the External Auditors in line with the 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 Standard on Auditing 260 – ISA 260), that require the Auditor to report key findings from the audit to “those charged with governance”, (commonly referred to as the Annual Governance Report), prior to issuing their opinion on the Statement of Accounts and conclusions on the use of resources. The external auditors, Audit Commission, will be attending the Committee to present their report and answer any questions Members may have.
Report of the Director of Finance and Corporate Services attached.
Report of the External auditor attached.
The Committee received a report of the Director of Finance and Corporate Services containing the Annual Governance Report. Steve Carter – the Chief Accountant, Mark Maidment – Director of Finance and Corporate Services, Sarah Ironmonger – the Audit Manager and Paul Grady – the District Auditor, were in attendance to answer questions on the report.
The Chief Accountant introduced the report and the Statement of Accounts 2011/12. He asked that the Committee agree an amendment in the wording of the report recommendation so that it read ‘That the Committee note the key features and approve the Statement of Accounts’. Mr Carter explained that since the statement had been published the Clifden Road site had been purchased. He explained that despite the efforts of Officers, the report had grown in size and contained two new requirements introduced by the international financial reporting standards. These were notes on heritage assets and exit packages. Mr Carter went on to highlight the main areas of the Statement of Accounts and in particular he drew the Committee’s attention to:
(i) Revenue spend: the accounts reported an under spend of £3.6 million and this money was used to finance the capital programme
(ii) The Comprehensive Income and Expenditure Statement which included profit and loss information based on international standards
(iii) The balance sheet
Following questions raised and comments made the Committee heard that:
(iv) The Statement of Accounts would be amended to include the material purchase of the Clifden Road site and Officers would ensure that this change was set out clearly in the Accounts.
The District Auditor introduced the Annual Governance Report. Mr Grady explained that the standard of the Statement of Accounts was very high and the Audit Commission had not found any material misstatements. A small number of minor amendments had been made regarding the presentation of disclosure notes and trading options but there had been no significant changes made to the figures presented. Mr Grady explained that it was likely that the certificate would be issued at the same time as the final Audit Commission report however there were a few small issues that might have prevented this. He went on to outline the risks identified: heritage assets; school assets; data migration; journal controls; payroll; and parking fines. The work of the Audit Commission had identified that there were no significant issues to bring to the Committee’s attention in relation to these risks.
In response to questions raised and comments made the Committee heard that:
(v) No new systems were required for journal control.
(vi) The public queries raised in relation to the 2010/11 accounts had been dealt with and closed and no queries had been received regarding the 2011/12 accounts.
(vii) The necessary requirements had been satisfied in arranging the deposit for the Clifden Road site.
(viii) The Director of Finance and Corporate Services explained that it was likely that additional categories would be required through the international standards in future years.
On the behalf of the Committee Councillor True thanked ... view the full minutes text for item 5.