Issue - meetings

To consider the report on the Housing Benefit Subsidy Audit 2019/20 and Auditors Grant Letter.

The Chair welcomed Ms Lefevre (BDO) to the meeting and gave a summary of the report. The Assistant Director- Resources explained how the LA Error/AD overpayments sum of £37,007 had been retained by UDC.

Ms Lefevre informed Members of the BDO auditing arrangements. She said that Mr Eagles would oversee the audit of final accounts up to March 2021 but that she then took responsibility moving forward. She said that it was hoped that once the external investigation had been completed that the 2019/20 and the 2020/21 accounts could be signed off shortly after each other but that no timescales could currently be given. Ms Lefevre also indicated there was currently a lack of public sector audit resources but that the intention was to move forward on audits.

In response to various questions, the Director – Finance and Corporate Services confirmed that the 2019/20 audit of accounts could not be concluded until the external investigation had been completed. He said that Moody’s were due to provide a credit rating imminently for UDC and that he had been in many discussions with them. He said they were aware of the external investigation but that as it was not related to a financial matter, they had indicated that it would not affect the credit rating. He explained that there were several matters that could impact the rating, particularly the financial position of UDC and commercial activities.

Members noted the report.