WARRINGTON Borough Council says it has ‘no concerns whatsoever’ after further delays to its accounts being signed off.

The council failed to sign off its 2017-18 statement of accounts before the July 31 deadline due to a valid objection questioning whether its investment into Redwood Bank was legal.

Redwood Bank – which the council paid £30 million to buy a 33 per cent share in – officially launched in the town in October.

Grant Thornton is the council’s independent external auditor, appointed by the Public Sector Audit Appointments under the Local Audit and Accountability Act 2014.

During the period in which the accounts were open to public inspection, Grant Thornton received an objection from a resident regarding the investment into the bank.

The process that follows a public objection meant it was unable to issue a certificate for the accounts in time to meet the July 31 deadline.

During the audit and corporate governance committee meeting on July 26, members were informed that the objection to the accounts required consideration of whether the investment into the bank was ‘lawfully made’, as well as consideration for the completion of a public interest report over the move.

Committee members agreed to hold a special meeting on September 19, yesterday, to sign off the 2017-18 accounts.

However, it has now been cancelled, with the next audit and corporate governance committee meeting scheduled for October 16.

During the July 26 meeting, chairman Cllr Chris Fitzsimmons said the ‘race is on’ to sign off the accounts before October, otherwise the authority will receive a ‘black mark’.

He added ‘it has to be done before October’, otherwise the council will go on the ‘Government’s naughty list’.

The authority said September 19 was a provisional date, ‘pending the availability’ of the accounts report for the agenda publication deadline.

However, it was informed by Grant Thornton that the report would not be ready in time and, as a result, the meeting was cancelled.

The council says it is unable to confirm when the accounts are expected to be signed off, as it has ‘no control’ over the timescales in which the process can be concluded.

A spokesman added: “We have no concerns about this whatsoever.

“The auditors are happy with the rest of our accounts.

“However, due to a technical issue, the final sign off of the accounts is now out of our control and is down to the independent review of Grant Thornton.”

The authority confirmed the committee will need to officially receive the audited accounts and approve the signing off of them.

National Audit Office guidance states an auditor has a number of powers, including considering whether to issue a public interest report, or to issue an advisory notice.