Agenda item

Report of the Head of Internal Audit.

Members received the report of the External Auditors, Crowe LLP, for the year ending 31 March 2022 for Bridge House Estates, and City’s Cash and Other Charities.

The Chair welcomed the new External Audit team from Crowe LLP.

The following points were noted:

Crowe are dedicating time to learn about the City of London Corporation, and have had planning meetings with Bridge House Estates and City’s Cash. Their initial steps are to understand the City Corporation’s systems and controls, primarily those used to produce financial statements;

Section 4 of the reports, on Fraud and Irregularity, reflected the change in auditing standards requiring auditors to provide greater detail when they saw risks of fraud in an organisation. Specific work is planned to cover these risks;

The initial audit work will be undertaken in June and July, with follow-up work being undertaken before the final reports are presented in November;

Crowe gave a guarantee that staffing would allow for the timetable for the external audit would be met;

At the request of a Member, Crowe said they would consider simplifying the narrative statements at the start of the accounts, or providing a summary of the narrative statement;

It would be difficult to realign with the External Audit team working on the City Fund accounts for this financial year, but in the future the teams can consider how to co-operate.

RESOLVED, that – the reports be received and their contents noted.