Issue - meetings

CIPFA Financial Management Code - Warwickshire County Council Self-Assessment 2023/24

Meeting: 14/03/2024 - Audit and Standards Committee (Item 2)

2 CIPFA Financial Management Code - Warwickshire County Council Self-Assessment 2023/24 pdf icon PDF 71 KB

Additional documents:

Minutes:

The Committee received a report which outlined the progress made on the delivery of the planned improvements in financial management during 2023/24 as detailed in Appendix 1 to the report.  The report also highlighted the Council’s compliance with the CIPFA Financial Management Code and the improvements planned for 2024/25 as per Appendix 2.

 

Virginia Rennie, Director of Finance, gave an overview of the report, highlighting that the Council operated on a basis of continuous improvement.  The planned improvements for 2023/24 detailed in Appendix 1 had now been completed.  She signposted Members to paragraph 1.9 of the report, which highlighted the difficult financial position Local Government found itself in, advising that maintaining healthy budgets would become increasingly difficult.  The importance of keeping governance procedures to a high standard was even more critical in an uncertain financial world.

 

The Chair shared his experience of attending a recent webinar on local authority audits, advising that approximately 700 audit opinions remained outstanding in the local authority sector.  Conclusions had been drawn as to whether the master auditing standard was appropriate for the situation authorities found themselves in.  John Bridgeman gave assurance that should there be anything further that could be done to urge a simplification of accounts or to assist in lobbying CIPFA, the Committee stood ready to act.  He also referred to the feeling amongst Audit Chairs that some auditing processes were over-elaborate, citing the valuation of certain assets such as bridges.

 

Having considered the report and having heard from officers, it was

 

Resolved

 

That the Audit and Standards Committee

 

1)    Note the progress made on the delivery of the planned improvements in financial management during 2023/24; and

 

2)    Consider and comment on the Council’s assessment of its compliance with the CIPFA Financial Management Code and the improvements planned for 2024/25.