Decision details

Stuart Basnett, Senior Audit Manager at Grant Thornton UK presented the Lancashire County Council Audit Plan for 2023/24.

In response to questions, members were informed that:

·  Property was generally revalued every three years, but some larger buildings or assets would be reassessed every year.

·  The investment properties held by Lancashire County Developments Limited (LCDL) were valued at approximately £85m and included business parks in Lancaster and Leyland. The valuation was twice Grant Thornton's materiality threshold and valuers relied on assumptions to determine valuations, which is why it had been identified as a risk for the 2023/24 audit. There had not been any significant change in valuation compared with the previous year.

·  A completion date of September may never be achievable for the audits of large, complex authorities like Lancashire County Council, although Grant Thornton aimed to be closer to that date in future.

·  This was the first audit of the new Public Sector Audit Appointments (PSAA) contract. The adjustments to the audit fees related to new auditing standards, which had not been included in the original PSAA fee, and the additional work required by expert valuers on land and buildings.

Resolved: That the Lancashire County Council Audit Plan 2023/24 be noted.