This week, there was one significant meeting held by the Oldham Council, specifically the Audit Committee on Thursday, 27 June 2024. The Standards Committee scheduled for Tuesday, 25 June 2024, was cancelled.

Audit Committee: Key Decisions and Discussions

Statement of Accounts 2022/23

The Audit Committee reviewed updates to the Statement of Accounts for the fiscal year 2022/23. One of the most notable changes was a significant increase in the Council Pension asset valuation, which rose from £4.908 million to £70.217 million. This substantial adjustment prompted members to question the rationale behind it. Officers clarified that the valuation is a hypothetical figure subject to daily fluctuations.

The Committee acknowledged these changes and approved the final version of the Statement of Accounts, pending the Chair's approval after consulting with the Director of Finance, Sarah Johnston, and external auditors, Mazars LLP.

Treasury Management

The performance of the Treasury Management function for the third quarter of 2023/24 was also reviewed. The Committee noted that the Treasury Management activities adhered to established practices, receiving a 'good' rating in the Fundamental Financial Systems (FFS) audit conducted by Internal Audit.

Members questioned the setting of the authorised borrowing limit. Officers explained that this limit is a legal requirement, internally set, and subjected to scrutiny by both the Audit Committee and external auditors.

The Committee endorsed the Treasury Management Report for cabinet approval.

Internal Audit and Counter Fraud Plan 2024/25

The Committee approved the Internal Audit and Counter Fraud Plan for 2024/25. This plan, led by John Miller, outlines the work to be carried out from 1 April 2024 to 31 March 2025. It was compiled using insights from various sources, including the Council’s Annual Audit Needs Assessment, Corporate Plan, and Strategic Corporate and Service Risk Registers.

The plan covers broad areas of risk across Council Directorates and Activities and will be adjusted throughout the year to address changes in the Council’s risk profile and emerging needs.

Other Business

The Audit Committee also addressed several other important items:

• Housing Benefit Subsidy Audit 2022/23: The Committee noted the audit carried out by external auditors KPMG LLP.
• Internal Audit Charter 2024/25: Approved for the upcoming year.
• Anti-Fraud and Corruption and Counter Fraud Response Policies: Updated policies and planning documents were approved.
• Financial Reporting Council (FRC) 2023 Report on Local Audit: The Committee noted this report.
• Updated Audit Committee Work Programme for 2023/24 and 2024/25: The updated work programme was noted.
• Senior Information Risk Owner Update: A confidential update on information security matters was received.

This week's discussions and decisions highlight the Council's ongoing commitment to financial transparency, effective risk management, and robust audit practices.