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Agenda Item No. 8

 

The Vale of Glamorgan Council

 

Audit Committee: 13th July 2015

 

Report of the Head of Finance as Section 151 Officer

 

Unaudited Statement of Accounts 2014/15

 

Purpose of the Report

1.         The Statement of Accounts for 2014/15 are now complete and are brought to this Committee for review and comment prior to the commencement of the external audit.

Recommendation

1.         That the unaudited Statement of Accounts for 2014/15 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 the Recommendation

1.         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 2014 the Statement of Accounts must be certified by the Section 151 Officer before the 30th June as presenting a 'true and fair view'. The 2014/15 Statement of Accounts was certified as such on 30th June 2015.

3.         The 2014/15 Statement of Accounts will be subject to external audit and the audited accounts will be presented to Audit Committee in September 2015 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.         The 2014/15 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 2014/15 unaudited Statement of Accounts be referred to the Head of Finance as Section 151 Officer for subsequent discussion with the Council’s external auditors, Grant Thornton LLP.

Resource Implications (Financial and Employment)

6.         The 2014/15 Statement of Accounts has been prepared within existing staff resources

Sustainability and Climate Change Implications

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 2014.

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

2014/15 Unaudited Statement of Accounts

 

Contact Officer

Gemma Jones, Principal Accountant          01446 709152

 

Officers Consulted

None

 

Responsible Officer:

Alan Jenkins, Head of Finance (Section 151 Officer)

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