URL: https://democracy.runnymede.gov.uk/ieDecisionDetails.aspx?ID=1651

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: The Committee was presented with Grant Thornton’s External Audit plan for the year ending 31 March 2026, for information.   Members were provided with a brief re-cap on the backstop arrangements introduced by the Accounts and Audit (Amendment) Regulations 2024 and the dates under which local authorities were required to publish their audited financial statements up to the year ending 31 March 2028.   Grant Thornton (GT) would be working towards an internal deadline of 30 November 2026 in order to meet the statutory deadline for 2025/26 of 31 January 2027.   Members noted the scope of the planned audit, including significant risks that GT had identified.  These were management override of control, valuation of property assets including investment properties, valuation of pension fund net liability and implementation of new general ledger system.   In terms of materiality GT had determined Group planning materiality to be £1.5m, which equated to 2.5% of the Council’s prior year gross group operating costs for the year.  Following this for the Council, GT had determined planning materiality to be £1.425m, using the same benchmark as the Group, capped at 95% of Group Materiality.  With regard to uncorrected omissions or misstatements; ‘clearly trivial’ had been set at £75K for the Group, and £71.3K for the Council.   Officers from GT highlighted their risk assessment regarding Value for Money arrangements, audit logistics and details of how their fieldwork would be carried out and when.   Members noted the proposed fee of £222K for the Council, subject to the Council delivering a good set of financial statements and working papers, no significant changes to the scope of the audit, and management co-operation and provision of evidence in a timely manner.  It was noted that the proposed fee for 2025/26 with regard to the new general ledger system implementation testing was to be confirmed.   Officers were thanked for their report which was duly noted.    

Date of Decision: May 28, 2026