Agenda

Regulation, Audit and Accounts Committee - Monday, 8th November, 2021 10.30 am

Venue: County Hall, Chichester, PO19 1RQ

Contact: Adam Chisnall on 033 022 28314  Email:  adam.chisnall@westsussex.gov.uk

Items
No. Item

1.

Declarations of Interest

Members and officers must declare any pecuniary or personalinterest in any business on the agenda. They should also make declarations at any stage such an interest becomes apparent during the meeting. Consideration should be given to leaving the meeting if the nature of the interest warrants it.  If in doubt please contact Democratic Services before the meeting.

2.

Minutes of the last meeting of the Committee pdf icon PDF 134 KB

The Committee is asked to agree the minutes of the meeting held on 22 September 2021 (cream paper).

3.

Urgent Matters

Items not on the agenda which the Chairman of the meeting is of the opinion should be considered as a matter of urgency by reason of special circumstances.

4.

Final Version of the Statement of Accounts 2020/21

The Committee agreed the Statement of Accounts 2020/21 at its last meeting and agreed that the Chairman sign them, but also then sign any final version if there were only minor amendments. Small changes were eventually made to note 43, as set out below. The Committee is asked to note that the Chairman has signed the final version of the statement of accounts that includes the changes shown in bold italic type below:

 

Extract from Note 43 - Assumptions made about the future and other sources of estimation uncertainty

 

The external valuer instructed by the Council adopts various estimation techniques to arrive at their valuations. The Authority changed its valuer in 2020/21, and a different technique applied by the new valuer in relation to school assets has had a significant impact on the Council’s balance sheet. Bruton Knowles have applied a ‘Modern Equivalent Asset’ (MEA) approach, whereby for Depreciated Replacement Cost (DRC) valuations (such as for schools), the valuation is based on the cost to construct an asset with equivalent service potential rather than a like-for-like replacement of the existing structure which was the approach adopted in the prior year by the Council’s previous external valuer. Additionally, Bruton Knowles have distinguished between ‘developed’ and ‘undeveloped’ land in their school valuations, whereas the previous valuer adopted a ‘blended’ approach in the prior year.’

5.

External Audit

The Committee is asked to consider the updated and final 2020/21 Audit Results Report and the draft 2020/21 Auditor’s Annual Report from the External Auditor Ernst & Young (EY).

5a

West Sussex County Council 2020/21 Final Audit Results Report pdf icon PDF 4 MB

5b

Draft 2020/21 Auditor's Annual Report pdf icon PDF 3 MB

6.

Internal Audit - Overdue Medium & Low Priority Management Actions (October 2021) pdf icon PDF 138 KB

Report by the Director of Finance and Support Services, and the Head of Southern Internal Audit Partnership.

The Committee is asked to note the status of overdue medium and low priority management actions (October 2021).

Additional documents:

7.

Quarterly Review of Corporate Risk Management pdf icon PDF 151 KB

Report by the Director of Finance and Support Services.

The Committee is asked to review the information detailed in the report and current Corporate Risk Register, and provide comment as necessary.

Additional documents:

8.

Arrangements for appointment of an External Auditor pdf icon PDF 145 KB

Report by Director of Finance and Support Services.

The Committee is asked to recommend to County Council the acceptance of the invitation from the Public Sector Audit Appointments Limited (PSAA) to continue to be an opt-in authority for the purposes of the appointment of an external auditor for both West Sussex County Council and West Sussex Pension Fund.

9.

Treasury Management Compliance Report - Second Quarter 2021/22 pdf icon PDF 172 KB

Report by the Director of Finance and Support Services.

The Committee is asked to review and comment on the Treasury Management Compliance Report.

Additional documents:

10.

Date of Next Meeting

The next meeting of the Committee will be held at 10.30am on 17 January 2022 at County Hall, Chichester.