Verbal update from KPMG.
Minutes:
|
8.1
8.2
8.3
8.4
8.5
8.6 |
Matt Ackroyd, External Auditor at KPMG, updated the Committee on the 2016/17 accounts objections.
Two objections had been raised around Private Finance Initiative (PFI) loans and Lenders Option, Borrowers Option (LOBO) loans.
In respect of the LOBO loans, the objection had now been dealt with and a response had been provided to the objector. No further comments had been received, so this objection was now closed.
Several authorities had received the same/or very similar objections to the PFI loans. KPMG were awaiting national legal advice from the National Audit Office (NAO) before any local work could progress. This advice had now been received but at a time when the audit work for 2017/18 was commencing, therefore the work around the objection was being progressed as fast as possible given the resource constraint of also trying to audit the financial statements. KPMG were aiming to close the objection by September’s meeting of the Audit and Standards Committee, but this would be subject to progress of work.
Accounts audit work for 2017/18 was underway and currently on track to complete for Audit and Standards Committee in July and the 31 July sign-off deadline.
Resolved: That the Committee notes the update from KPMG. |