Issue - meetings

To inform Members of the External Audit activity progress.

Umais Asghar from Deloitte presented this item. The letter summarised the outcome of the audits carried out in 2021/22.

The flowing answers were given in response to questions from Members:

• Page 18 mentioned delays with returning audit evidence. This was due to annual leave, once this had been finalised a breakdown of the additional costs would be provided to the Committee.
• The work on the car parks valuation detailed on page 26 was still ongoing and they were on the second round of queries. So far there had been no major changes and it was hoped to be concluded shortly.
• Page 32 detailed the discrepancies found with the Fixed Asset Register (FAR).
• The initial valuation of the car parks was outside of the acceptable variation range which is why it was considered to be overstated.
• Page 27 described the Goodwin judgement which was a historical case relating to pension liability.

In response to The Chair, Councillor Pearcy, the Accountancy Manger explained that the valuations were carried out by an external valuer and that Covid had an impact on revenue which in turn lowered the value of the car parks. The Strategic Director of Resources also confirmed that there were complex rules around valuing assets and that it was based on a long term assessment of rental income.