Agenda item

The Committee received the Annual Audit Letter 2018/19 from Mazars summarising the audit of Durham County Council and Durham County Council Pension Fund (for copy see file of Minutes).

Mr Kirkham, Mazars advised that the findings were as discussed at the July 2019 meeting.  Mazars would continue to work with the Council throughout 2019/20 focusing on the risks that the challenges present to the financial statements.

In response to a question from Councillor Temple regarding unquoted equity investments, Mr Kirkham explained that they varied their approach to be able to gain the assurance required.  He added that the significant risk was due to a timing difference, as more up to date information was available when carrying out the audit and the balance sheet was updated to take account of that.  Mr Kirkham went on to advise that unquoted investments were categorised as a significant risk and we needed to trade off expected increases in return.

Resolved:

That the comments and fees illustrated within the External Auditor’s Annual Audit letter and report be noted.