Issue - meetings

2.40pm

Representatives from the external auditors Ernst & Young will attend to present the following items:

·         Oxfordshire County Council Audit Results Report (To Follow)

·         Oxfordshire Pension Fund Audit Resuls Report

RESOLVED: to note the reports.

Janet Dawson introduced the OCC Audit Results Report.  Work was still on-going but she anticipated an unqualified statement and expected a conclusion on the objection on LOBO loans so that the 2015/16 audit can be finally signed-off.

She responded to Members’ questions as follows:

·         The LOBO loan objection involved more than a dozen local authorities.  It was a national issue.  Auditors had to go through each LA step by step and ensure compliance and consistency.

·         Auditors cannot comment on the detail of the 2016/17 objection related to fossil-fuel investments other than to say that they are of the view that there will be no impact on the Statement of Accounts.  A provisional position has been reached but objectors have the opportunity to comment.  It is coming close to the end of the process.

The Chairman invited Members to channel any further comments through him given the late circulation of the OCC Report.

Sue Gill introduced the Oxfordshire Pension Fund Audit Results Report.  She along with Lorna Baxter responded to Members’ questions as follows:

·         Additional charges in 2017/18 cover extras such as the change of custodian and were approved by the Director of Finance.

·         To give assurance regarding governance of the Brunel Pension Partnership auditors will ensure policies are up to date and check minutes of meetings.

·         The Director of Finance is the shareholder for OCC and attends meetings.

·         The Brunel Pension Partnership accounts are audited separately by private audit standards.

RESOLVED: to note the reports.