Articles

Audit 2018/19

29/05/2019

Let's Talk: Audit 

What is it and why it matters

As a Public Authority and in accordance with the Accounts and Audit Regulations of 2015, Molescroft Parish Council is subject to scrutiny by external auditors. This can cover any aspect of council business but especially areas of financial management. Practically this means that all budget management and council decisions in relation to spending public funds is closely looked at culminating in the publication of year end accounts. In addition to the accounts the Council is required to submit a formal Annual Governance and Audit Return (AGAR) for further review by the appointed external auditor. 

Timescales and what to expect

Once the accounts have been presented, agreed and signed off by Council, the AGAR has to be submitted by the 1st July 2019 along with supporting papers. These are then looked at by the external auditor and a Notice of Conclusion of Audit is issued in September. 

What does this mean for me a resident? 

In the intervening period, a period of 'public rights' has to be agreed which basically means residents have the right to see the financial information in question. To enable this to happen, the relevant documents will be posted to the Website and in the Parish Centre notice boards for a set period. This year this will be between 17th June and 26th July 2019. All relevant documents (extracts from the AGAR) can be found in the documents section of the website. 

Audit Opinion and what next? 

The external auditor provides a judgement as to whether the Council has met with the required standards of accounting and financial management. They can also indicate areas for improvement. They issue a final Audit Report and Certificate affirming council practices meet with required legal standards. This certificate will be published on the website and in the Parish Centre notice board by the 30th September 2019. 

Finally,.

Do keep an eye out for the above notices and updates. External scrutiny such as this ensures both good practice is maintained and importantly transparency of your Council.