The report and appendices are attached.

Jim McLarnon (Grant Thornton) introduced the report, stating that its themes were consistent with those of the preceding report. Similar discussions had taken place to determine matters which were not considered material (Dedicated Schools Grant, McCloud, and Goodwin). He advised that the anticipated report was unmodified apart from the insertion of an ‘emphasis of matter’ paragraph relating to level two investments in pooled property funds where the investment manager had reported material valuation uncertainty.

Councillor Gifford stated that, although the depreciation of property values was concerning, the Authority had adequate cashflow to avoid the sale of assets in unfavourable conditions.

The Committee indicated that it was satisfied to commend the Letter of Representation for approval.

Resolved:

That the Committee:

1.     Endorses the Audit Findings Report of the External Auditors for Warwickshire County Council;

2.     Approves, subject to any changes which may be necessary to the final draft, the wording of the Letter of Representation.