Agenda item

6.1

 The Committee received a report of the Director of Finance and Commercial Services.

6.2

Clair Sharratt (Senior Finance Manager) explained that the Council’s 2021/22 Statement of Accounts were previously approved by the Audit and Standards Committee on 9 March 2023, however, EY’s (Ernst & Young) audit was not concluded before the release of the pension fund actuary’s triennial valuation. As the audit was still open and due to the materiality of the triennial revaluation, we were required to reopen the accounts and adjust for the pension related items. The impact on the Statement of Accounts of these pension changes and a number of minor changes that have been made whilst the accounts were still open, were summarised at Appendix A..

6.3

Clair Sharratt (Senior Finance Manager) stated that once the Committee approves the accounts, then the Director of Finance and Commercial Services and the Chair of the Audit and Standards Committee will sign the accounts and letter of representation once EY have given notification that all outstanding queries had been resolved and their final reviews were complete.

6.4

Ruth Matheson (Finance Manager) asked Members to review the adjusted figures highlighted at Appendix A.  She explained that the main change was the pension triennial revaluation figure. The Finance Manager also highlighted all the changes in the revised version, since the 9 March 2023 meeting.

6.5

The Senior Finance Manager thanked EY for their work throughout the year.

6.6

There were no question or comments made by Members of the Committee.

6.7

RESOLVED:  That the Audit and Standards Committee;

(1) notes the 2021/22 Sheffield City Council Audit Results Report;

(2) approves the Statement of Accounts for 2021/22 as set out in Appendix B, subject to the finalisation of the audit requiring no further changes;

(3) notes in accordance with The Accounts and Audit Regulations 2015, the Chair of the Audit and Standards Committee and Director of Finance and Commercial Services will sign the Statement of Accounts for 2021/22 on conclusion of the audit by Ernst & Young LLP (EY); and

(4) notes the Letter of Management Representations to be submitted to the External Auditor is on the basis set out in EY’s Audit Results report and this will be signed by the Director of Finance and Commercial Services and the Chair of Audit and Standards Committee.