Issue - decisions

The Engagement Manager, KPMG presented the progress report for the year ending 31 March 2024. She advised that although the audit was presented as substantially complete, some areas were still outstanding which were detailed within the report (Page 63 of the Agenda Pack).

The Engagement Manager, KPMG highlighted the following areas:

·         Significant risks and other audit risks:

o   Valuation of land and buildings – testing had been completed over the assumptions linked to the significant risk which were found to be neutral.

o   Management override of controls – testing had been completed with no specific findings.

o   Valuation of post retirement benefit options – initial results had been received from the actuaries who had evaluated the significant assumptions and had found them to be balanced.

·         Two uncorrected audit misstatements had been identified – Management had requested them to remain uncorrected so as not to impact the Council.

·         Two corrected audit misstatements had been identified – Management had agreed to amend them in the final version.

·         Four misstatements in respect of disclosures had been identified – Management had agreed to amend them in the final version.

Councillor James Cantwell queried the deadlines in respect of the delayed bank reconciliations. The Chief Finance Officer, PSPSL advised that all five bank reconciliations have been reconciled up to the end of September.

RESOLVED:

That the report be noted.