Agenda item - External Audit Progress Report and Audit Plan 2019/20

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Agenda item

External Audit Progress Report and Audit Plan 2019/20

Report of the External Audit Director

Decision:

That the Audit & Standards Committee:

 

1)            Notes the External Audit Plan 2019/20.

 

2)            Note the Progress Report and Sector Update

Minutes:

55.1      The Committee considered a report that set out how the council’s appointed auditor, Grant Thornton, intended to carry out their responsibilities as external auditor for the financial year ending 31 March 2020.

 

55.2      Councillor Appich enquired as to why the clearly trivial materiality level had fallen from £780,000 to £620,000.

 

55.3      The External Auditor explained that the clearly trivial materiality level was a reflection of overall materiality and there had been a reduction in that value compared to the previous year.

 

55.4      Councillor Hugh-Jones noted that pension fund net liability was listed as a significant risk and for more detail on the reason why that was felt.

 

55.5      The External Auditor explained that pension fund net liability was an estimate and required complex assessment to ascertain value. In the previous year, the External Auditor had recorded that the pension net liability was misstated by the council by a material amount.

 

55.6      Helen Aston asked if the External Auditor was satisfied with the progress being made toward adopting IFRS 16.

 

55.7      The External Auditor stated that their learning from many authorities was that disclosing the impact of IFRS 16 in the 2019/20 Statement of Accounts was a bigger and more challenging exercise that initially thought but he was not yet aware that it would be a challenge for Brighton & Hove.

 

55.8      RESOLVED- That the Audit & Standards Committee:

 

1)             Notes the External Audit Plan 2019/20.

 

2)             Note the Progress Report and Sector Update

Supporting documents:

 


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