Training Item - "De-Cluttering" the Accounts: Presentation by the External Auditors, Grant Thornton
Minutes:
The External Auditor provided Members with a presentation on how the Council’s accounts could be “de-cluttered” in line with a recent External Audit recommendation. She explained that the Council’s accounts included a lot of disclosure which prevented key messages from being seen. The External Auditor provided key tips for de-cluttering the accounts which could better meet the needs of users, including stakeholders and the general public. She explained that there was a need to consider what needed to be contained including information required by statute and that which was relevant and material to the accounts. The External Auditor suggested that the order in which this information was presented was also something for further consideration.
The External Auditor suggested that clarity of information could be improved by the use of graphics.
The Chairman sought feedback from the External Auditor on what items could be removed. The External Auditor provided a number of suggestions including the removal of individual assets held for sale, and duplicated information, adding that there was a need for further discussions on this matter with the Director of Finance and Support Services.
Councillor J Wing commented that over the years, the accounts had become impenetrable and welcomed the suggestion of de-cluttering them. The External Auditor commented that the accounts followed an international reporting standard to ensure consistency in both the private and public sectors.
Councillor R Sharma supported de-cluttering the accounts which, he felt, could make them easier for the public to read. He suggested the production of a summary version. The External Auditor stated that to prepare a summary version involved more work and needed to be weighed up in terms of how much the Council wanted to invest in changing the format of the accounts and in meeting statutory requirements.
The Director of Finance and Support Services reminded Members that the public were also provided with financial information via other avenues including through Council Tax leaflets.
Members received the presentation and thanked the External Auditor for her informative comments.
RESOLVED – that the presentation be received.