· CIPFA Financial Management Peer Review – Verbal Update
Minutes:
P Darby gave a verbal update on CIPFA Financial Management Peer Review. He alerted members to the self-assessment report that had been considered in June 2022.
The purpose of the review was to support good practice in financial management and to assist local authorities in demonstrating their financial sustainability. In previous years neighbouring local authorities had carried out peer reviews on each other with DCC reviewing Newcastle and South Tyneside reviewing the DCC self-assessment.
These external independent reviews were expected to take place every five years to ensure the arrangements in place were in line with best practice and to ensure the Council conformed to any changes in guidance.
This CIPFA peer review assessment was to start shortly with interviews with specific members and officers taking place in the week commencing 2 October 2023 for a two-week period and a survey of other budget managers. A range of documentation had been supplied to CIPFA for review in advance of the site visits.
A report would follow to highlight the quality of the finance function within the council and any recommendations that would need to be actioned to improve existing arrangements.