Agenda item

Update of the External Auditors Ernst and Young

7.1      The external auditors Janet Dawson and Hayley Clarke from Ernst and Young provided an update on the Audit results (ISA 260) recommendations.

7.2      The external auditors advised the committee that they were now ready to give their opinion on the Audit results (ISA 260) recommendations.  It was advised that there were no matters to report.

7.3      Key points to note were within the audit differences and this was set out in section four of the Audit Results report.  It was reported that the differences made no material impact.  It has been agreed with management that the final adjustments be made.

7.4      It was proposed that the Statement of Accounts would be signed off next week.

7.5      Following questions from members it was advised that an error within the report of £18.5m was due to a formula error and was not an overall issue, and in terms of the adjustments needed in the accounts these would be corrected where possible and any due to formula errors would self-correct in following years.

7.6      Thanks were given to all involved for their hard work over the tough year experienced.

7.7      RESOLVED: - that the Committee

1)    Notes the 2019-20 Sheffield City Council Audit Results report, and

2)    That the Audit and Standards Committee approves the Statement of Accounts for 2019-20 and gives approval for the Chair of Audit and Standards Committee to conclude the audit by signing the Letter of Management Representations and the Statement of Accounts for 2019-20 following the meeting.