The Governance, Audit, Risk Management and Standards Committee (GARMS) of Barnet Council met on Thursday 12 December 2024 and the most significant item on their agenda was a report on the External Audit of the council's accounts for the last three years.

External Audit 2020/21, 2021/22 and 2022/23

The meeting was scheduled to include consideration of the External Audit reports for 2020/21, 2021/22 and 2022/23. The Committee was provided with reports for both Barnet Council ¹ and the LB Barnet Pension Fund ². The LB Barnet Pension Fund is the pension fund for employees of Barnet Council. It is responsible for managing the investments of the fund and paying out pensions to members. The reports were prepared by the council's external auditors, Grant Thornton UK LLP ³, and cover the financial statements, the value for money conclusion and the assessment of the council's arrangements for securing economy, efficiency and effectiveness in its use of resources. The report explains the context of the audit:

The accounts are prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom 2020/21. The Code is based upon International Financial Reporting Standards as adapted for use by the public sector.

The report explains that:

We are required to satisfy ourselves that the Council has made proper arrangements for securing economy, efficiency and effectiveness in its use of resources.

The 2020/21 audit was given an unqualified opinion meaning that the auditors believe:

that the financial statements: • give a true and fair view, in accordance with the relevant financial reporting framework, of the financial position of the relevant body at the reporting date and of its expenditure and income for the reporting period; and • have been properly prepared, in accordance with the relevant statutory requirements.

Grant Thornton UK LLP also audited the LB Barnet Pension Fund and found that they too should be given an unqualified opinion.

The reports for 2021/22 and 2022/23 are structured in a similar way.