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Issue - meetings

Exempt Reports Under the Local Government Act 1972

Meeting: 02/12/2020 - Audit and Performance Committee (Item 4)

4 Grant Thornton Audit Progress Report and Sector Update pdf icon PDF 364 KB

To consider a progress update by the Council’s auditors, Grant Thornton, on the 2020 – 2021 Audit and key information on accounting changes and emerging issues for the local government sector.

Additional documents:

Minutes:

4.1       The Committee noted a progress update, including the Audit Findings Review, by the Council’s auditors, Grant Thornton. The Committee heard that the deadline of 30 November 2020 had been met for Westminster but that the complexity of the Westminster portfolio of assets, the Covid-19 context and the Regulator’s assessment of what auditors should be doing had contributed to increased turnaround times. The auditors also advised the Committee that there was an unadjusted error in relation to some inputs, that they had assessed a worst-case scenario, including an overvalue of £8.3 million. The auditors also raised issues within a broader context, noting two public interest reports concerning LB Croydon and the section 114 notice.

 

4.2       The Committee further heard that next year’s audit would focus on risks around income and contain more detailed assessment of Value for Money. The key themes from the Committee’s discussion included: valuation of investment properties and property leases; the audit fees process; perturbations in the market leading widely variant outcomes; and increased regulatory burden.

 

4.3       RESOLVED: that the Committee note the contents of the report and continue to monitor.