The Audit Committee of Oldham Council convened on 27 June 2024 to discuss several key financial and governance matters. The committee reviewed and approved the Council’s 2022/23 Annual Statement of Accounts, discussed the proposed accounting policies and critical judgements for 2023/24, and received updates on treasury management, housing benefit subsidy audit, and internal audit plans.

2022/23 Annual Statement of Accounts - Update

The committee reviewed the Annual Statement of Accounts for 2022/23. External auditors Mazars LLP and council officers presented updates, noting that the Council’s pension asset valuation had significantly increased from £4.908m to £70.217m. This fluctuation was attributed to the hypothetical nature of the valuation. The committee resolved to approve the revised statement of accounts, subject to consultation with the Director of Finance and advice from the external auditor.

2023/24 Final Accounts - Proposed Accounting Policies and Critical Judgements

The committee received a report on the Council’s proposed accounting policies and critical judgements for the 2023/24 Statement of Accounts. The policies, which follow International Financial Reporting Standards (IFRS), saw minor amendments from the previous year, including changes to the Employment Benefits policy reflecting the shift from a pension liability to a pension asset. The committee approved the proposed policies and noted the critical judgements.

Treasury Management Update Quarter 3

A Treasury Management update for the third quarter of 2023/24 was presented, comparing performance against the 2023/24 Treasury Management Strategy and Prudential Indicators. The report highlighted compliance with statutory and CIPFA requirements, the Council’s expenditure and financing, and the overall borrowing need. The committee endorsed the report for cabinet approval.

Housing Benefit Subsidy Audit 2022/23

The committee reviewed the Housing Benefit Subsidy Audit for 2022/23, conducted by KPMG LLP. The audit, part of the DWP’s Housing Benefits Assurance Process, was generally positive but identified some issues to be addressed in the 2023/24 audit process. The committee noted the audit findings.

Internal Audit Charter 2024/25

Officers presented the Internal Audit Charter for 2024/25, which complies with the Public Sector Internal Audit Standards (PSIAS). The charter, reviewed annually, saw no fundamental changes. The committee approved the charter.

Anti-Fraud and Corruption and Counter Fraud Response Policies

The committee received updated Counter Fraud and Corruption Policies, including the Counter Fraud, Anti-Bribery Strategy, and the Covid Business Grants Prosecution Policy. These documents support the Council’s efforts to minimise fraud risks and guide investigations. The committee approved the revised policies.

2024/25 Internal Audit and Counter Fraud Plan

The committee reviewed the Internal Audit and Counter Fraud Plan for 2024/25, which outlines the audit reviews and other work planned for the year. The plan is based on the Council’s risk assessments and strategic priorities. The committee approved the plan.

The Financial Reporting Council (FRC) 2023 Report on Local Audit

Officers provided a summary of the FRC’s 2023 report on local audit, noting delays in the 2024 report due to backlogs. The committee noted the positive feedback from the 2023 report.

Updated Audit Committee Work Programme for the 2023/24 and 2024/25 Municipal Year

The committee reviewed and noted its Work Programme for the remainder of 2023/24 and for 2024/25, inviting suggestions for additional items to be included.