This report updates the Committee on the progress made towards completing the 2016/17 audit since the last meeting in September 2018.

Further to Minute 13 of the meeting held on 27 September 2018, Jean Stevenson, Chief Accountant, submitted a report providing an update on progress with the audit of the 2016/17 and 2017/18 accounts.  The Committee noted that the 2016/17 Accounts should originally have been audited and signed off by 30 September 2017, and that regular reports had been made to the Committee since then providing updates on progress.  The report stated that, in early October 2018, following discussions with EY’s technical experts regarding the methodology previously used by the Council to value its Fixed Assets, the Council had tendered for fresh valuations of its property portfolio as at 1 April 2015, 31 March 2016 and 31 March 2017.  It was expected that the new valuations, along with amendments to the historic accounting treatment of depreciation and impairment would resolve the outstanding queries on the 2016/17 accounts.  Additionally, officers had applied the learning from the 2016/17 process to the completion of the 2017/18 accounts.  EY had now started preparatory work on the 2017/18 audit and the accounts would be handed to EY as soon as was practical once the 2016/17 accounts had been finalised.

Resolved:   

(1)     That the progress made by the External Auditor and officers in finalising the 2016/17 accounts be noted;

(2)     That the Chairman of the Audit and Governance Committee and the Lead Councillor for Corporate and Consumer Services, in consultation with the Director of Resources (Section 151 Officer), be authorised to sign the final version of the 2016/17 accounts;

(3)     That the progress made by the External Auditor and officers in closing the 2017/18 accounts be noted.