Issue - meetings

Committee considered a detailed report presented by James Collins, Audit Director – MAZARS in relation to their Audit Completion Report for the Council.

The detailed scope of Mazars work was set out in the National Audit Office’s (NAO) Code of Audit Practice. Mazars responsibilities and powers were derived from the Local Audit and Accountability Act 2014, and as outlined in their Audit Strategy Memorandum, the audit had been conducted in accordance with International Standards on Auditing (UK) and meant Mazars had focused on audit risks that they had assessed as resulting in a higher risk of material misstatement.

Section 4 of the report set out Mazars conclusions and significant findings from their audit. This section also included Mazars conclusions on the audit risks and areas of management judgement in their Audit Strategy Memorandum, which included:

·       valuation of Property, Plant and Equipment & Investment Property (significant risk);

·       valuation of net defined benefit liability (significant risk);

·       management override of controls (significant risk); and

·       acquisition of Dragonfly Development Limited (enhanced risk).

Section 5 of the report set out internal control recommendations and section 6 set out audit misstatements. Section 7 outlined Mazars work on the Council’s arrangements to achieve economy, efficiency, and effectiveness in its use of resources.

The appendices to Mazars report provided information in respect of the draft

management representation letter, the draft audit report, independence, and other communications.

It was noted that a member of the public had made an objection to the Council’s

accounts in relation to Dragonfly, the Council’s wholly owned company.

In response to a Member’s query regarding Hyman-Robertson, the Actuary for

Derbyshire Pension Fund (LGPS), James confirmed that Mazars had critically assessed their competency and Mazars were comfortable of their expertise.

The Chair thanked James Collins for attending the meeting.

Moved by Councillor Tom Munro and seconded by Councillor Duncan Haywood

RESOLVED that the report be noted.