Decision details

Other Significant Financial Issues

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decisions:

The Finance Lead Specialist (Section 151 Officer) reported briefly on the outcome of the Redmond Review into local government financial reporting and external audit processes.  She advised that she would be providing a full report to the next meeting of the Committee, however, informed Members that the key messages were that the review acknowledged that the accounts were complex.  However, rather than suggesting simplification of the accounts, there was the suggestion for an additional statement providing a summary in easy to understand format.  Further suggested was that the proposed timing of the audit could be extended to allow more time for the audit and that the fees could increase to reflect the costs of the additional work.  The Finance Lead Specialist (Section 151 Officer) had received a presentation from Sir Tony Redmond on his proposals and how he felt that some things were easy to change, particularly the context of the accounts, but some things were determined by national bodies, with no flexibility, which was somewhat disappointing.

 

The External Audit Manager advised the Committee that he had a slide deck summing up the Redmond Review, which he would initially share with the Finance Lead Specialist (Section 151 Officer) and then Members.  External Audit being a key stakeholder, he also intended to go through this in more detail from their perspective at the next meeting.  External Audit welcomed the Review and believed that the main issues and areas highlighted needed to be swiftly addressed.

 

No Member having raised concern when asked by the Chairman, it was

 

RESOLVED – That the verbal update be noted.

Publication date: 15/10/2020

Date of decision: 17/09/2020

Decided at meeting: 17/09/2020 - Audit Committee