WARRINGTON Borough Council has responded after Grant Thornton failed to sign off its 2018-19 accounts before the auditor’s deadline.

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

In January 2017, the council controversially agreed to pay £30 million to buy a 33 per cent share in Redwood Bank.

Earlier this year, it made its third payment to bring its investment to just under the agreed amount.

The council also received an objection to its 2018-19 accounts.

But it says it has ‘not missed any deadlines’ in relation to the 2018-19 accounts, adding that they were provided to the auditor in time.

It also stated that July 31 was the deadline for Grant Thornton, the council’s independent external auditor, to sign them off.

However, that will not be able to be carried out until the previous year’s accounts are done.

Commenting on the situation, a council spokesman said: “This matter remains with the external auditors who are committed to dealing with the objection to the accounts in line with the required process.

“There is currently no date identified for the accounts to be presented to the council’s audit and corporate governance committee.

“The council has not missed any deadlines for the 2018-19 accounts.

“The July 31 deadline is for the accounts to be signed off by the external auditors, however, they are not in a position to do this while there is an outstanding issue relating to an objection.

“We will continue to monitor progress and provide an update at the earliest opportunity, once the matter is concluded.”