Issue - meetings

CIPFA Financial Management Code - 2020-21 Self-Assessment

Meeting: 10/06/2021 - Audit and Standards Committee (Item 5)

5 CIPFA Financial Management Code - 2020-21 Self-Assessment pdf icon PDF 211 KB

The report and appendix are attached.

Additional documents:

Minutes:

Andrew Felton (Assistant Director, Finance) introduced the report, stating that a self-assessment had been undertaken to evaluate the organisation’s compliance with the Chartered Institute of Public Finance and Accountability (CIPFA) Financial Management Code. He expressed confidence in the performance of the Finance Team. He stated that the Self-Assessment contributed to a drive for continuous improvement; a realistic and transparent approach had been taken in support of this objective. He stated that compliance with the professional standards set out by the CIPFA Code was a legal responsibility. It was considered that the Council had met these requirements; there were no material areas of concern.

 

Virginia Rennie (Strategy and Commissioning Manager, Strategic Finance) reported that an initial assessment had been produced by the Strategic Finance Team and circulated to senior management for review. Discussion with other local authorities had been informative, enabling a comparison of approaches across councils. She stated that the document compared favourably with those of other authorities. The Self-Assessment had identified 20 areas where improvements could be sought. She stated that, prior to this exercise being undertaken, measures had already been enacted to make improvements in many of these areas. This validated the findings of the Self-Assessment.

 

In response to Councillor Kettle, John Gregory (Grant Thornton) stated that the Self-Assessment was not a specific requirement of the external auditor but that it provided valuable background information. He added that the diligent approach taken by officers provided assurance that appropriate financial and governance arrangements were in place.

 

The Chair praised the quality of the work undertaken, stating that critical self-examination provided a basis for continual improvement.

 

Resolved:

 

That the Committee notes the Council’s assessment of its compliance with the CIPFA Financial Management Code.