To receive correspondence from the Council's External Auditor (Mazars).

[PLEASE NOTE: This paper has previously been circulated to the Committee’s Members for their information.]

Muhammad Khan was in attendance on behalf of Mazars, the Council’s external auditor, to introduce their Audit Strategy Memorandum which set out details of their audit work to be undertaken at the Council in respect of the financial year 2020/21. It was noted that the document had previously been circulated to the Committee’s Members for their information. It focussed on the significant areas of audit coverage, the auditors’ approach, and key concepts underpinning their work.

The committee’s attention was drawn to the new procedure for formulating the auditors’ Value for Money opinion; and the consequent three month extension to the normal timescale to facilitate this. In discussion of the valuation risks referred to in the paper, Members were advised of the methodology and key criteria used in assessing the valuation of assets such as the Council’s holding in the Manchester Airport Group in response to changing circumstances affecting such issues as activity levels, yield and dividend payments.

RESOLVED – That the content of the Audit Strategy Memorandum be noted.