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2018-19 Statement of Accounts - Accounting Policies and Significant Areas of Judgement

08/02/2019 - 2018-19 Statement of Accounts - Accounting Policies and Significant Areas of Judgement

The committee received a report from the Interim Deputy Head of Finance. 

 

The Audit and Accounts Regulations govern the preparation, approval and publication of local authority accounts. For the 2018/19 financial year there was a requirement for the Chief Financial Officer (Section 151) of the Council to approve draft unaudited accounts by the 31 May and for the audited accounts to be approved by Civic Affairs by 31 July.

 

The Independent Person submitted a written statement:

It would be helpful to hear from Ernst & Young that all of the areas mentioned in Caroline's covering report for item 5 will be addressed through their work.

 

I can see that some areas are picked up but wasn't sure about Cambridge Live and Clay Farm.

 

The Interim Deputy Head of Finance said all of the areas mentioned in the covering report would be addressed through Ernst & Young’s work.

 

Councillor Robertson sought clarification on the issues discussed during the 2017/18 audit with Ernst and Young, which would still be relevant in the current financial year. The Interim Deputy Head of Finance said that mainly they would and that Cambridge Investment Partnership, Clay Farm Community Centre, Business Rates Appeals Provision, Cambridge Live and Future Events were significant areas of judgement and change for 2018/19.

 

Unanimously resolved to note and approve the proposed presentational changes, accounting policies and significant areas of accounting judgement in relation to the 2018/19 Statement of Accounts.