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Council and Democracy

Decision details

Annual Audit Letter

Decision Maker: Corporate Governance Group

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decisions:

Mr Alistair Collston of KPMG, the Council’s external auditors, presented the Annual Audit Letter, which had been circulated prior to the meeting and attached as an appendix to the officer’s report. It was noted that the Annual Audit letter was positive and highlighted no areas of concern. Mr Collston thanked the Executive Manager and the finance team for their support throughout the audit process.

 

The Chairman requested further information on the Council’s Pension liabilities and a whether the audit risk variances were high, medium or low and what impact these variances would have in the long term. Mr Collston advised that pensions were the largest liability and were influenced by uncontrollable factors, for example interest rates, an increase in pension rates and Brexit, all of which could have a significant impact on pension liabilities. The Executive Manager – Finance and Corporate Services advised that the pension’s position was reported at the last meeting of the Corporate Governance Group and showed a positive position, but the aforementioned uncontrollable factors would have given rise to some uncertainty. One of the Actuaries roles and objectives is to ensure the fund is sustainable going forward and provide some certainty to Council’s regarding their contribution rates. He added that further information was expected next year and would be reported to the Group with the Statement of Accounts next year.

 

The Chairman and members of the group thanked Mr Collston and the team at KPMG for the audit work they had completed over the past 5 years.

 

It was RESOLVED that the Annual Audit letter be noted.

Report author: Peter Linfield

Publication date: 17/10/2018

Date of decision: 20/09/2018

Decided at meeting: 20/09/2018 - Corporate Governance Group

Accompanying Documents: