Agenda and minutes

Audit and Standards Committee - Thursday, 7th March, 2024 10.00 am

Contact: Kate Lowes, Tel: 0191 433 4244, Email:  democraticservicesteam@gateshead.gov.uk 

Items
No. Item

ASC487

Minutes pdf icon PDF 81 KB

The Committee is asked to approve, as a correct record, the minutes of the meeting held on 30th January 2024.

Minutes:

The minutes of the previous meeting held on 30 January 2024 were approved as a correct record.

ASC488

Declarations of Interest

Members of the Committee are invited to declare interests in any agenda items.

Minutes:

There were no declarations of interest.

ASC489

Annual Governance Statement 2023/24 - Assurance Framework pdf icon PDF 120 KB

Report of the Strategic Director, Resources and Digital

Minutes:

The Committee received a report providing an overview of the work to be undertakento produce the Annual Governance Statement for 2023/24 which demonstrates the level of assurance that can be given to the Council’s control systems and governance arrangements.

 

RESOLVED:

(i)            The Committee agreed the Assurance Framework as reported.

ASC490

Treasury Management 2023/24 Quarter 3 Performance pdf icon PDF 163 KB

Report of the Strategic Director, Resources and Digital.

Minutes:

The Committee received a report to review the Treasury Management 2023/24 performance for the nine months to 31 December 2023 covering investments and borrowing. The Committee were reminded that this is consistent with approved performance management arrangements.

 

RESOLVED:

(i)            The Committee noted the Treasury Management Performance to 31 December 2023.

ASC491

Treasury Management Strategy 2024-25 pdf icon PDF 304 KB

Report of the Strategic Director, Resources and Digital

Minutes:

The Committee received a report to review the proposed Trasury Policy Statement and Treasury Strategy for 2024/25 to 2028/29 prior to consideration by Cabinet.

 

RESOLVED:

(i)            The Committee reviewed and endorsed the recommendations on the Treasury Policy and the Treasury Strategy.

ASC492

Local audit delays: proposals to clear the backlog and embed timely audit pdf icon PDF 105 KB

Report of the Strategic Director, Resources and Digital

Minutes:

The Committee received a report providing an update on the Government’s consultation around proposals to address the local audit backlog and embed timely audits.

 

The Committee noted that the joint statement set out three phases of measures to address the audit backlog:

 

Phase 1: Reset – this involves clearing the backlog of historical audit opinions

up to and including the financial year 2022/23 by 30 September 2024. This

phase is not applicable to Gateshead Council as all audits up to and including

2022/23 have now been completed.

 

Phase 2: Recovery – introducing audit backstop dates to prevent the

recurrence of the backlog and allowing audit assurance to be built up over

multiple audit cycles.

 

Phase 3: Reform – addressing the systematic challenges in the local audit systems to embed timely financial reporting and audit.

 

RESOLVED:

(i)            The Committee noted the report.

ASC493

Mazars External Audit Progress Report

Report of the Strategic Director, Resources and Digital

 

Minutes:

The Committee received a verbal update highlighting that Gateshead had produced good quality accounts at Phase 1 as expected. The Committee also noted that value for money work is to be concluded in due course.

 

RESOLVED:

(i)            The Committee noted the verbal update.