Statement of Accounts 2005/06

REPORT OF THE ASSISTANT CHIEF EXECUTIVE, LEGAL AND GOVERNANCE	MEETING OF THE CITY COUNCIL 5TH JULY, 2006


At its meeting on 26th June, 2006, the Strategic Resources and Performance Scrutiny and Policy Development Board (meeting as the Audit Committee) considered a report of the Director of Corporate Resources on the Council's Statement of Accounts 2005/2006.
In accordance with the arrangements approved by the Council at its meeting on 7th June, 2006, establishing the Audit Committee, the report, together with a recommendation of the Scrutiny Board thereon, as set out below, is referred to the City Council for consideration:-

STATEMENT OF ACCOUNTS 2005/6
The Scrutiny Board, meeting as the Audit Committee, considered a report of the Director of Corporate Resources setting out the Statement of Accounts 2005/06, which had been prepared in accordance with the Code of Practice on Local Authority Accounting in Great Britain and the Statutory Accounts and Audit Regulations.
The report explained that the approval of the Accounts was one of the key tasks of the Committee. In considering the report, the Committee received independent financial advice from PriceWaterhouseCoopers.
The Director of Corporate Resources referred to the Statement of Internal Control contained in the report. The Accounts and Audit Regulations 2003 required the Council to ensure that it has a sound system of internal control which facilitates the effective exercise of the Council’s functions and which includes the management of risk, conduct a review at least annually of the effectiveness of its system of internal control and include a Statement of Internal Control, prepared in accordance with proper practices in the Statement of Accounts published by the Council.
RESOLVED: That this Scrutiny Board, meeting as the Audit Committee, recommends that the Meeting of the City Council on 5th July, 2006 adopts the following recommendations:-

(a) approval be given to the Statement of Accounts for 2005/06 and the Statement of Internal Control, as set out in the report now submitted;
(b) the borrowing and investment activity undertaken in 2005/06 in accordance with the Chartered Institute of Public Finance and Accountancy Code on Treasury Management be noted; and
(c) the Scrutiny Policy Officer be requested to incorporate a number of the issues now raised into the training programme for Members of the Audit Committee.





Liz Bashforth, Assistant Chief Executive, Legal and Governance.

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