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Agenda Item No 11 

 

The Vale of Glamorgan Council

 

Audit Committee: 8th July 2013

 

Report of the Head of Finance as Section 151 Officer

 

Unaudited Statement of Accounts 2012/13

 

Purpose of the Report

1.             The Statement of Accounts for 2012/13 are now complete and are brought to this Committee for review and comment prior to the commencement of the external audit.

Recommendation

That the unaudited Statement of Accounts for 2012/13 be reviewed and any comments of the Committee be referred to the Head of Finance as Section 151 Officer for subsequent discussion with the Council’s external auditors, Grant Thornton LLP.

Reason for Recommendation

To allow for the initial review of the unaudited Statement of Accounts by those charged with governance.

Background

2.             Under the Accounts and Audit (Wales) Regulations 2005, as amended, the Statement of Accounts must be certified by the Section 151 Officer before the 30th June as presenting a 'true and fair view'. The 2012/13 Statement of Accounts was certified as such on 27th June 2013.

 

3.             The 2012/13 Statement of Accounts will be subject to external audit and the audited accounts will be presented to Audit Committee in September 2013 along with the external auditor’s ISA 260 report for review prior to being submitted for approval by Council before 30th September.

Relevant Issues and Options

4.             Over the last few years, significant changes have been introduced by the Code of Practice on Local Authority Accounting in the United Kingdom as to the presentation and content of the Statement of Accounts. The 2012/13 Statement of Accounts is attached and has been prepared in accordance with the requirements of the International Financial Reporting Standards (IFRS). This is intended to provide for comparable accounts across all accounting boundaries, public and private, national and international.

5.             It is proposed that any comments of the Committee on the 2012/13 unaudited Statement of Accounts be referred to the Head of Financial Services as Section 151 Officer for subsequent discussion with the Council’s external auditors, Grant Thornton LLP.

Resource Implications (Financial and Employment)

6.             The 2012/13 Statement of Accounts has been prepared within existing staff resources.

Sustainability and Climate Change Implication

7.             None as a direct result of this report.

Legal Implications (to Include Human Rights Implications)

8.             The Statement of Accounts is prepared in accordance with the Accounts & Audit (Wales) Regulations 2005, as amended.

Crime and Disorder Implications

9.             None as a direct result of this report.

Equal Opportunities Implications (to include Welsh Language issues)

10.        None as a direct result of this report.

Corporate/Service Objectives

11.        This report is consistent with the Council's corporate objective of community leadership.

Policy Framework and Budget

12.        This is a matter for consideration by the Audit Committee as those charged with governance.

Consultation (including Ward Member Consultation)

13.         None.

Relevant Scrutiny Committee

14.        Corporate Resources.

Background Papers

2012/13 unaudited Statement of Accounts

Contact Officer

Robert Ingram, Principal Accountant          01446 709252

Officers Consulted

None

Responsible Officer:

Clive Teague, Head of Financial Services (Section 151 Officer)

 

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