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Annual Audit Letter Year Ended 31 March 2017/18

Meeting: 25/10/2018 - Audit Committee (Item 292)

292 Annual Audit Letter Year Ended 31 March 2017/18 (EY) pdf icon PDF 2 MB

To consider the ATTACHED report detailing results and conclusions of the audit procedures for the year ended 31st March 2018 by the external auditors, Ernst & Young.

Minutes:

The External Auditor presented the Annual Audit Letter for the year ended 31 March 2018.  The majority of the information had been seen by the committee previously as part of the reporting of the financial statements audit.  The overall result was positive with an unqualified audit opinion and no further statutory reporting needing to be undertaken.

They highlighted that the fees reported showed the Planned Fee, and the increase to cover work on the consolidated group accounts and the specialist professional valuation of the Bushey Golf & Country Club.  These increases would now be sent to the PSAA (Public Sector Audit Appointments Ltd) as the regulator to be approved for invoicing.

 

The Committee queried why the group accounts did not form part of the Planned Fee.  Officers responded that when the original contract was awarded the fee for the group accounts audit had not been included but would be incorporated during the next tender process.

 

Clarification was sought as to the process which would be used for the pension valuation as the value had been revised during 2017/18 and led to increased costs.  The External Auditor noted that the overall basis had not changed and whilst it was recognised that the valuation would always be an estimate, the two numbers had been materially different.  The Committee formally requested a clear statement from the External Auditors for the process to be applied going forward.

 

RESOLVED that the information contained in the Annual Audit Letter from Ernst & Young, the Council’s external auditors be noted.