Agenda and minutes

Audit Committee - Wednesday, 21st September, 2022 6.00 pm

Venue: Council Chamber

Contact: Democratic Services  0161 474 3216

Media

Items
No. Item

1.

Minutes pdf icon PDF 226 KB

To approve as a correct record and sign the Minutes of the meeting held on 22 July 2022.

Additional documents:

Minutes:

The Minutes (copies of which had been circulated) of the meeting held on 20 July 2022 were approved as a correct record and signed by the Chair.

2.

Declarations of Interest

Councillors and officers to declare any interests which they have in any of the items on the agenda for the meeting.

Additional documents:

Minutes:

Councillors and officers were invited to declare any interests they had in any of the items on the agenda for the meeting.

 

No declarations of interest were made.

 

 

 

 

3.

Urgent Decisions

To report any urgent action taken under the Constitution since the last meeting of the Committee.

Additional documents:

Minutes:

No urgent decisions were reported.

4.

Public Question Time

Members of the public are invited to put questions to the Chair on any matters within the powers and duties of the Committee, subject to the exclusions set out in the Code of Practice.  (Questions must be submitted prior to the commencement of the meetingon the card provided.  These are available at the meeting. You can also submit via the Council’s website at www.stockport.gov.uk/publicquestions).

Additional documents:

Minutes:

Members of the public were invited to put questions to the Chair on any matters within the powers and duties of the Area Committee, subject to the exclusions set out in the Code of Practice.

 

No public questions were submitted.

5.

2021/22 Statement of Accounts pdf icon PDF 165 KB

To consider a report of the Deputy Chief Executive (and Section 151 Officer).

 

The report provides details of the 2021/22 Statement of Accounts

 

Audit Committee is requested to:

 

·           Consider the Council’s 2021/22 Statement of Accounts (Appendix One);

·           Note the Management Letter of Representation (Appendix Two);

·           In the event of no material changes as a result of the outstanding audit work, delegate the approval of the 2021/22 Statement Accounts to the Deputy Chief Executive (Section 151 Officer) in consultation with the Chair of the Audit Committee on receipt of advice from the External Auditor; and

·           Note that in the event of material changes as a result of outstanding audit work, the Audit Committee meeting will need to reconvene to approve the revised Statement of Accounts.

 

Officer contact Jonathan Davieson 0161 218 1025 or alternatively email jonathan.davies@stockport.gov.uk

 

Additional documents:

Minutes:

The Deputy Chief Executive (and Section 151 Officer) submitted a report (copies of which had been circulated) which provided details of the 2021/22 Statement of Accounts.

 

The following comments were made/issues raised:

 

·         Members requested a verbal update on the current situation at Manchester Airport.

·         Members asked whether there were any concerns relating to pension funds and whether recent changes in inflation and interest rates were affecting areas such as the property portfolio.  In response, Members were given assurances that the pension fund has robust governance and financial management, and that expert internal and external audit advice could always be called upon.  However, it should be noted that there remained a high degree of economic volatility both internal and external.

 

Resolved:-

 

(i) That the report be noted.

(ii) That the Management Letter of Representation (Appendix One) be noted.

(iii) That in the event of no material changes as a result of the outstanding audit work, the approval of the 2021/22 Statement of Accounts be delegated to the Deputy Chief Executive (Section 151 Officer) in consultation with the Chair of the Audit Committee on receipt of advice from the External Auditor.

(iv) it be noted that in the event of material changes as a result of outstanding audit work, the Audit Committee meeting will need to reconvene to approve the revised Statement of Accounts.

 

6.

Audit Completion Report pdf icon PDF 562 KB

To consider a report of the external auditors, Mazars.

 

The report provides Members with a summary of Mazars’ audit conclusions.

 

The Committee is asked to note the report.

 

Officer contact: John Pearsall on 474 4033 or Email: john.pearsall@stockport.gov.uk

 

 

Additional documents:

Minutes:

The external auditors, Mazars submitted a report (copies of which had been circulated) which provided Members with a summary of Mazars’ audit conclusions.

 

The following comments were made/issues raised:

 

·         In response to a Member question, Audit Committee were assured that all schools would be advised that the financial year ends on the 31st March, and that this was the date that they should complete their bank reconciliation.

·         A short discussion took place in relation to the possibility of having to hold an extraordinary Audit Committee meeting in order to get the Statement of Accounts approved.  It was currently too early to say. 

 

RESOLVED – That the report be noted.