Agenda item - External Audit Plan and Informing the Audit Risk Assessment 2023/24

RESOLVED –

That the Audit, Standards, and General Purposes Committee:

1)       Notes and considers the documents and notifies the external auditor if there are any additional matters that it considers may also impact on the planned audit work and context for the financial year ending 31 March 2024.

2)       Notes both the external audit plan and informing the audit risk assessment for 2023/24.

3)       Approves an increase of the existing accounting policy of a de minimis level of £20,000 for capitalisation of plant, property, and equipment up to £50,000, and authorises the Chief Finance Officer to make necessary changes to the council’s accounting policies to reflect the increase.

8.1      The Committee considered the report of the External Auditor that provided members with an overview of the planning scope and timing of the council’s statutory external audit for the financial year ending 31 March 2024. The audit plan sets out, for example, the significant risks identified ahead of the main audit work, levels of materiality for the financial statements and the proposed audit fees for 2023/24.

8.2      Councillors Atkinson, Gauge, Guilmant, Meadows, and Shanks asked questions and contributed to the debate of the report.

8.3      RESOLVED –

That the Audit, Standards, and General Purposes Committee:

1)       Notes and considers the documents and notifies the external auditor if there are any additional matters that it considers may also impact on the planned audit work and context for the financial year ending 31 March 2024.

2)       Notes both the external audit plan and informing the audit risk assessment for 2023/24.

3)       Approves an increase of the existing accounting policy of a de minimis level of £20,000 for capitalisation of plant, property, and equipment up to £50,000, and authorises the Chief Finance Officer to make necessary changes to the council’s accounting policies to reflect the increase.