Agenda item

The Committee received an Audit Completion Report for the year ending 31 March 2020 which provided a summary of all audit conclusions (for copy see file of minutes).

M Kirkham, Engagement Partner, Mazars confirmed that despite the pandemic and having to work remotely, the Finance Team had worked extremely well in supporting the audit and responding to queries.  There had been no relaxation of auditing standards and they had ensured that the appropriate evidence had been received to conclude the audit.

Councillor Temple asked for confirmation that despite flagging this up before, the auditors were still awaiting direct confirmation from a financial institution for one of the Councils investments.  He was concerned that the Council were investing with an institution that did not provide a paper trail.  J Collins, Senior Manager, Mazars, confirmed that a request was made in April to National Savings & Investments and subsequently followed up.  The explanation given for the delay was due to the Covid 19 pandemic and whilst the Council had provided sufficient evidence, direct confirmation was required in order to complete the audit.

Councillor Temple confirmed that this was unsatisfactory and queried whether anything could be done to assist.  The Senior Manager confirmed that both the Council and Mazars would continue to pressurise NS&I for the required information.

In response to a query with regards to a more specific timeline on the recommendation regarding IT security on the use of shared privileged accounts, the Head of Finance and Transactional Services confirmed that he had a meeting the following week to address the concerns raised and reassured the Committee that he would act on the recommendation as soon as possible.

The Head of Finance and Transactional Services confirmed that despite the challenges faced this year and the outstanding issue regarding the NS&I verification, the Council were in a position that not many other Councils had the benefit of, and he thanked Mazars on behalf of himself, the Head of Corporate Finance & Commercial Services and the Corporate Director of Resources.

Resolved:

That the report be noted.