Delay to the audit of the 2022-23 Statement of Accounts

Delay to the audit of the 2022-23 Statement of Accounts

Every year, the Combined Authority prepares an annual Statement of Accounts as required by the Accounts and Audit Regulations 2015, following proper accounting practices. These practices are prescribed by the ‘Code of Practice on Local Authority Accounting in the United Kingdom’ and comply with International Financial Reporting Standards (IFRS).

The purpose of the accounts is to present a true and fair view of the financial results of the Authority’s activities for the year ended 31 March, and to summarise the overall financial position of the Authority as at the 31 March. The Statement of Accounts is available for the general public to see at any time.

The Statement of Accounts is externally audited, but is presented for public review before the audit, in draft form, before it is finally published later in the year.

The external audit of the draft statement of accounts for the year ended 31 March 2023 has not yet been completed by our external auditors, EY LLP, due to the complex set of factors contributing to audit delays across the sector. This situation is allowed for by Regulation 10, paragraph (2a) of the Accounts and Audit Regulations 2015.

The Accounts and Audit Regulations 2015 (legislation.gov.uk), as amended by

The Accounts and Audit (Amendment) Regulations 2022 (legislation.gov.uk)

The linked notification explains that we are not yet able to publish our audited 2022/23 final statements of accounts in line with the deadline of 30^th September 2023. The CPCA Audit and Governance Committee will consider the results of the 2022/23 audit at a future meeting, after which we will publish the final audited accounts.

The formal notification of this can be accessed here.