A long summer for accountants and auditors

Have you downloaded or printed off the first draft of the Statement of Accounts 2016/17 from Reading Borough Council (RBC) to read on the beach this summer?

If so, you may like to know that the second unaudited draft is now available, with some updated information for the last financial year.

Changes include:

  • updates to sections such as parts of the narrative foreword, that were highlighted in yellow in the first draft,
  • the inclusion of a 2016/17 cash flow statement,
  • revision of 2016/17 results in the group accounts. Group accounts include companies such as Reading Transport Limited which are owned by RBC.

The accounts have an index and a glossary to help navigate this blockbuster.

At RBC’s last audit & governance committee in July, the external auditors Ernst & Young indicated that “the audit has been delayed in order to enable officers time to make sure that they [the accounts] are properly quality assured and that a proper set of working papers is provided for audit. One of the things that I am really clear on is that I won’t bring the [audit] team in until that’s ready because otherwise it just wastes our time and officers’ time and there is a clearly a cost to that.”

The accounts are expected to be approved in September by the audit & governance committee on behalf of councillors. In 2017/18 the accounts timetable will be accelerated and approval will move forward to the end of July.


Links
  1. Reading Borough Council Annual Statement of Accounts
  2. It’s Mr Lovejoy time of the year again
  3. Doom and gloom at the Audit and Governance Committee
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