Issue - meetings

Report by Chief Operating Officer

41.1     The Cabinet considered a report by the Chief Operating Officer

41.2     It was RESOLVED to approve the Annual Audit Letter and fee update for 2017/18

Reason

41.3     The Annual Audit Letter (AAL) attached as Appendix A summarises key issues arising from the work carried out during the year. This report contains no new findings or recommendations, and reflects issues already reported within the 2017/18 External Audit Report to the Governance Committee, including the objection from local elector, which is currently being finalised.

27.1     The Chief Finance Officer introduced the report which provides details of the annual audit letter and fees from the Council’s External Auditor, KPMG. This will be the last financial year that KPMG will audit the Council’s accounts and those of the East Sussex Pension Fund. From 2018/19 onwards Grant Thornton will be the Council’s External Auditors.

27.2     The Committee noted the annual audit letter and asked if the issue raised regarding the risk to the pension fund arising from hard to value investments is being monitored. The Chief Finance Officer responded that the Pension Committee is fully aware of the issue and is taking steps to look at the risk from hard to values investments.

27.3     The Committee RESOLVED to note the Annual Audit Letter and the fee update for 2017/18.