Agenda item

A report from the Interim Executive Director of Resources and Regulation is attached.

The Audited Statement of Accounts 2016/2017 attached.

A report from Bury’s External Auditors – KPMG is attached. The report also contains Bury’s response.

The Head of Financial Management, Andrew Baldwin, presented a report providing Members with details of the Authority’s Statement of Accounts for the financial year ended 31 March 2017.

The pre-audited Statement of Accounts had been approved by the Responsible Finance Officer on 5 June 2017. The accounts had since been audited and Members of the Audit Committee noted that:-

·         No adjustments had been required;

·         Two recommendations had been made;

·         The quality of the Council’s accounts and working papers have remained at a high level;

·         For the fourth year the Council is able to present its audited accounts to Members 2 ½  months earlier than the statutory  deadline and KPMG are to be thanked for their part in achieving this;

·         A notice will be placed advertising the completion of the audit and how members of the public can access copies of the statement and summary accounts.

Rashpal Khangura and Jerri Lewis, representing KPMG, the Council’s external auditors, presented the ISA 260 for 2016/2017 alongside the Statement of Accounts. The ISA 260 summarised the key findings from KPMG’s work in relation to the financial statements for the year ending 31 March 2017 and their assessment of the Authority’s arrangements to secure Value for Money in its use of resources.

It was explained that KPMG had substantially completed their work on the 2016/2017 financial statements and it was anticipated that an unqualified audit opinion would be issued by 30 September 2017.

Appendix 1 set out the key issues and recommendations along with the management responses to those recommendations and the responsible officer and deadline date.

Steve Kenyon, the Interim Executive Director of Resources and Regulation presented the Letter of Representation which was signed by him and the Chair of the Audit Committee, Councillor Mallon, to KPMG which was required before the audit opinion could be issued.

Members of the Committee were given the opportunity to ask questions and make comments and the following points were raised:

·         Councillor Walker referred to the Capital receipts set out on pg 50 and the DCLG and asked what this referred to.

It was explained that this was in relation to housing receipts and the right to buy scheme.

·         Councillor Walker asked about the flood grant and whether the Council had received the monies.

Steve Kenyon reported that the Council had submitted a claim for £3m and had received this.

·         Councillor Silbiger asked about the asset valuation and impairments and how often this was required.

Jerri Lewis explained that the review takes place every year and should be done as part of the accounts.

Delegated decision:

1. That the final audited version of the Statement of Accounts for the 2016/2017 financial year be approved in line with the provisions of the Accounts and Audit Regulations 2015.

2. That the matters and issues arising from the audit and contained within the ISA (UK+I) 260 Financial Statement Report presented by KPMG be accepted.

3. That the letter of representation signed by the Interim Executive Director of Resources and Regulation and the Chair of the Audit Committee which was presented at the meeting be approved.

4. That KPMG be thanked for their support and advice during the audit process.