The Annual Statement of Accounts is an important statutory document that we produce and publish every year. The preparation, and the subsequent external audit, of the document is a significant undertaking for our Finance Service. The oversight of these tasks is one of the key undertakings for Christine Marshall, our Chief Finance Officer, also known as the 'Section 151 Officer'.
The Statement of Accounts is prepared in accordance with proper accounting practices. This is defined as International Financial Reporting Standards (IFRS), as applied to local authorities by the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) in their Code of Practice on Local Authority Accounting in the United Kingdom.
Legislation: The Local Government Act 2003 (section 21) enables the Secretary of State to issue regulation on the preparation and publication of accounts for local authorities, which is fulfilled by the Accounts and Audit Regulations 2015 (as amended).
Understanding the Statement of Accounts - the Local Government Association published an informative document, primarily aimed at Chief Executives and elected members but this is useful for the public to read.
Must know guide: The statement of accounts | Local Government Association.
The Statement of Accounts
The Accounts and Audit Regulations include a deadline for the council to prepare the Statement of Accounts and submit these to their external auditors for review. This deadline is 31 May each year. These unaudited accounts, often referred to as draft accounts, will be reviewed by the Audit Committee and need to be complete and, to the best of the council’s knowledge, accurate before they are submitted for audit.
Our auditors
We use Public Sector Audit Appointments to select the external auditor. The current auditor is:
Mark Hodgson
Ernst & Young
1 More London Place
SE1 2AF
Notice of audit - inspection of accounts
- The publication of the draft accounts starts a formal 30-day period where local electors have the right to inspect the accounting records (including detailed transactional documentation) and to question the auditor or make formal objections on a matter of public interest or to report to the auditor if they consider that any item of account is unlawful.
- The National Audit Office published a guide for any person interested in the council's accounts - Local authority accounts: A guide to your rights.
Notice of audit - conclusion
- The council is required to give notice that the auditor has concluded their audit of the statement of accounts.
Audit letter
- Each year our auditor publishes a letter about our accounts. This annual audit letter includes their opinions on the financial statements of the council. These reports are always published after the audit has been completed and normally reported to the Audit Committee in the calendar year following the audit.
- Unusual circumstances with external audit backlogs have delayed publication for the years ended 31 March 2022 and 2023.
Auditor’s Annual Report Year ended 31 March 2021. Report Issued: February 2024
2024-25 accounts
2023-24 accounts
2022-23 accounts
2021-22 accounts
2020-21 accounts
You can find the Audit Update Report for the year ended 31 March 2021 on our Democracy Peterborough website (opens PDF).