External Audit - Audit Findings Report and Opinion for 2017/18 (Revised)
Decision Maker: Audit, Risk and Governance Committee
Decision status: Recommendations Approved
Is Key decision?: No
The Committee considered a report setting out a revised audit findings report and opinion for 2017/18, detailing the revised and final position following the original report which was considered and noted by the Committee at its meeting on 30 July 2018.
The Committee's attention was drawn to the changes in the revised report which included:
- An opinion and commentary on the accounting treatment of Lender Option Borrower Option (LOBO) loans which had been outstanding at the time of the original report.
- Value for Money arrangements and the improved position following the Ofsted inspection.
- The revision in the rating of the judgement and estimates from amber to green as a result of the resolution of the accounting treatment of LOBO loans.
- An updated audit opinion to take account of the overall changes.
The Committee discussed the adverse publicity which had been generated as a result of the County Council not being able to approve the statement of accounts by the statutory deadline and recognised the additional pressure which this had placed on the finance team.
As reported at the meeting of the Committee on 30 July, the delay had been as a result of the due process undertaken by the external auditor in relation to the County Council's treatment of LOBO loans. It was confirmed by the external auditor that there would be no negative outcome for the County Council when Public Sector Audit Appointments Limited (PSAA) published its report, in October, on those local authorities which had not achieved the statutory deadline of 31 July 2018.
It was discussed as to whether the County Council would approach PSAA to highlight its concerns and to clarify whether the external auditor might be subject to any penalty for the delay.
Resolved: - That the report, now presented, be noted.
Date of decision: 28/08/2018
Decided at meeting: 28/08/2018 - Audit, Risk and Governance Committee