Agenda item

The Committee considered a report of the Interim Corporate Director, Resources which presented the Statement of Accounts for the year ended 31 March 2017 (for copy see file of Minutes).

The Finance Manager for Resources and Transformation and Partnerships  advised Members that the External Auditors had reported 1 significant issue that had delayed their opinion.  It had been very disappointing for all involved in preparing the accounts earlier this year as a dry run but he was confident that they would be ready to be signed off by the statutory deadline of 30 September 2017.  He went on to inform members that the error had been based on the assets valuations and created enough doubt for Mazars and the Corporate Director of Resources to request further sampling work and testing.  Work was underway with Assets and the Valuers to look at 20% of all assets and meetings were taking place on a weekly basis to identify any concerns.

Mr Robinson referred to the floor areas used for valuations and was concerned that this was a failing in the Assets Register and not just a one off incident.

The Finance Manager reported that this was simple human error.  A stock condition survey and flow areas were being checked together with non-financial insurance and pupil premiums.

The Corporate Director of Resources had asked for a review on what had gone wrong and why and would report back to Committee with the findings.

Members were assured that the final accounts would be brought back by the end of September for approval.

Resolved:

(i)            That the issues arising from the External Audit, which has prevented the completion of the Statement of Accounts process for the year ended 31 March 2017 in line with the planned dry run early closure requirements this year, be noted.

(ii)          That the Statement of Accounts for the financial year ended 31 March 2017 would be finalised and presented to the meeting on 29 September 2017 for approval, be noted