Agenda item

Report of the Chamberlain.

The Committee received a report of the Chamberlain concerning an update on the 2023/24 external audit plan for City’s Estate Group and other charities.

The following points were noted:

• The consolidation and production of the accounts had been completed by the team, and they were now in the review stage.
• The team is working on reviewing the working papers and ensuring their quality, with two senior members conducting reviews.
• Crowe has been working closely with the team to ensure the audit is on track.
• Crowe representatives provided insights into the audit planning reports, highlighting no significant changes in accounting standards or auditing standards.
• The audit planning reports for City's Estates and City Bridge Foundation were discussed, with a focus on significant risks, key management judgments, and estimates.
• The importance of maintaining independence and the need for adequate resourcing for the audit were emphasised.
• The fee increases for certain entities were explained as a result of both the complexity of the audits and the need for better resourcing.