MAIDSTONE BOROUGH COUNCIL
AUDIT COMMITTEE
MONDAY 16TH SEPTEMBER 2013
REPORT OF HEAD OF FINANCE & RESOURCES
Report prepared by Paul Holland, Senior Accountant
1. URGENT ITEM – GRANT THORNTON LETTER OF REPRESENTATION
1.1. Reason for Urgency
1.1.1. This item was not received until after the agenda deadline date, but needs to be considered by the Committee as it forms part of the formal approval of the Statement of Accounts for 2012/13.
1.1.2. The recommendation forms part of that included within the External Auditor’s Audit Findings Report 2012/13 on the main agenda.
1.2. Recommendation of the Head of Finance & Resources
1.2.1. That Members approve the Letter of Representation as set out at Appendix D.
1.3. Reasons for Recommendation
1.3.1. The Letter of Representation as attached at Appendix D was previously included within the External Auditor’s Annual Governance Report. However this document has been replaced by the External Audit Findings Report, and this is now considered as a separate document.
1.3.2. The Letter is from the Council to the External Auditors, and is signed by the Director of Regeneration & Communities. The Letter is provided for the purpose of expressing an opinion as to whether the Statement of Accounts give a true and fair view in accordance with International Financial Reporting.
1.3.3. Amongst the issues it covers the Letter asks the Council to confirm that the information provided to the External Auditors was in accordance with statutory requirements and that we were satisfied with the validity of information used in the accounts such as pension figures and asset valuations.
1.3.4. It also asks the Council to confirm that we are satisfied with the systems of internal control to detect and prevent fraud, and with any financial judgements used in preparing the Statement of Accounts.