Agenda item

The Committee received an update from the external auditors for 2022-23, Grant Thornton, that included the audited versions of the 2022-23 Statement of Accounts, the 2022-23 External Audit Findings Report for Islington Council and Islington Pension Fund, the 2022-23 Annual Governance Statement and 2022-23 Auditors Annual Audit Report. It was highlighted that sound financial management had been demonstrated by the Council and stakeholders could have confidence in the Council’s financial future. The reports included some minor amendments and recommendations for improvement. The Council’s Main Account and Pension Fund received an unqualified and unmodified opinion.

The Committee discussed the following;

·   The recommendation for improving savings monitoring and how best practice would include members agreeing a list of savings as part of the budget.  This would then be tracked through to the end of the year, so it was clear what savings were made and how the council performed against its agreed savings targets.

·   That the Council were doing well regarding Adult Social Care and should continue to focus on and monitor that area.

·   That the recommendations around cyber security were for improvement and there were no concerns.

·   That the Council had launched its procurement process to replace the management override controls.

RESOLVED:

(a)  To approve the audited 2022/23 Statement of Accounts (Appendix A), and to delegate authority to the Section 151 Officer in consultation with the Chair of the Audit and Risk Committee to approve any further audit adjustments that might arise before release of the audit opinions.

(b)  To note Grant Thornton’s 2022/23 Audit Findings Reports for Islington Council and Islington Pension Fund and the action plan of recommendations (Appendix B of the report).

(c)    To approve the draft Letters of Management Representation for the Islington Council and Islington Pension Fund (Appendix C of the report), and to delegate authority to the Section 151 Officer and Chair of the Audit and Risk Committee to sign on behalf of the organisation once the audit opinions are provided by the auditor.

(d)  To approve the audited 2022/23 Annual Governance Statement (Appendix D of the report), signed by the Leader and the Chief Executive.

(e)  To note the Auditor’s Annual Audit Report 2022/23 covering value for money (Appendix E of the report).