Agenda and minutes

Resolved:- That the minutes of the previous meeting held on 20th July, 2011 be agreed as a correct record.

 Marc Bicknell, Internal Audit Manager, presented the submitted report which set out a summary of Internal Audit’s work and performance for the period ended July, 2011 and had been presented to the Audit Committee in accordance with the Committee’s responsibility to oversee the work of Internal Audit.

The report identified:-

-          performance against key service benchmarks

-          audit reports issued during the period, highlighting the overall conclusion for each audit

-          number of high priority recommendations made

-          proportion of recommendations not agreed

The report covered:-

-          performance indicators

-          audit reports and recommendations

-          Responsive Audits

§                     Primary School Childcare Club

§                     Car Park Income

§                     Children’s Home

A total of 122 man days had been spent on responsive work to date representing approximately 11% of available resources.

Discussion and a question and answer session ensued and the following issues were covered:-

-           sums recovered

-           disciplinary action taken

Resolved:- That the information be noted.

Andrew Bedford, Strategic Director of Finance, presented the submitted report which detailed how the Annual Treasury Report was a requirement of the Council’s reporting procedures and covered the treasury activity for 2010/11. The report also covered the actual Prudential Indicators for 2010/11 in accordance with the requirements of the Prudential Code.

The report met the requirements of both the CIPFA Code of Practice on Treasury Management and the CIPFA Prudential Code for Capital Finance in Local Authorities. The Council was required to comply with both Codes through Regulations issued under the Local Government Act 2003.

Members noted that the Strategic Director of Finance had delegated authority to carry out treasury management activities on behalf of the Council and this report was produced in order to comply with the CIPFA Code of Practice in respect of Treasury Management in Local Authorities and the “Prudential Code”.

Treasury Management formed an integral part of the Council’s overall financial arrangements. Regular monitoring would ensure that risks and uncertainties were addressed at an early stage and hence kept to a minimum.

Particular reference was made to the debt of the former South Yorkshire County Council.

Resolved:- That the Annual Treasury Management Report and Actual Prudential Indicators for 2010/11 be approved.

Andrew Bedford, Strategic Director of Finance, introduced and Rob Mitchell (KPMG) presented the submitted report advising of the matters arising from the external audit of the Council’s 2010/11 Statement of Accounts and, in acknowledging the findings, sought approval to the Letter of Management Representations.

Also submitted were:

-                      External Auditor’s ISA 260 Report 2010/11

-                      Audited Statement of Accounts 2010/11

-                      Letter of Management Representations

Discussion and a question and answer session ensued on various issues.

Resolved:- (1) That the Auditor’s ISA260 report to those charged with governance, as now submitted, be approved.

(2) That the amended Statement of Accounts 2010/11, as now submitted, be approved.

(3) That the Letter of Management Representations, as now submitted, be approved.

(4) that the external auditor and officers in both Finance and Economic and Development Services be thanked for their efforts.