External Audit Progress Report and Sector Update 2019/20
Decision status: Recommendations Approved
Is Key decision?: No
Robin Baker, Director and Engagement Lead and Angela Pieri, Engagement Manager, representing Grant Thornton, the county council's external auditors, presented an audit progress and sector update for 2019/10.
The following key points were highlighted:
· The audit was currently at the planning stage and detailed audit plans would be presented to the next meeting of the committee in July.
· The council's teacher pension return for 2018/19 had been completed one month ahead of the November 2019 deadline.
· Auditors continued to meet regularly with Lancashire County Council officers to ensure a smooth audit process and to highlight any potential issues.
· Potential audit fee amendments were currently under review as a result of the implications of changes to the expectations from Financial Reporting Council, in terms of financial reporting. Grant Thornton would be engaging the services of a valuation expert to assist with some areas. Potential fee changes would be discussed with the Section 151 Officer and Director of Finance before presentation to this committee.
In response to questions it was confirmed that the appropriate disclosures regarding leases would be required in accordance with the International Financial Reporting Standard 16 and no changes to the audit process needed to be made with regard to Brexit.
Resolved: That the external audit progress report and sector update 2019/20, as presented, be noted.
Date of decision: 27/01/2020
Decided at meeting: 27/01/2020 - Audit, Risk and Governance Committee