Slough Borough Council financial audit expected to soar to £800k

Slough Borough Council has been outlining plans save money, including moving out of its Observatory House headquarters

Fees for accountants to scrutinize errors that led to a council's financial crisis are expected to go up by £100,000 to £800,000.

External auditor Grant Thornton is going through Slough Borough Council's 2018/19 accounts.

They had to be refiled by the authority after the accounting firm refused to sign them off.

Originally, the accountants were estimating the fee for the report would be about £695,000.

The accountants are analysing errors including missing information, inadequate records and poor audit trails.

The firm previously said it would have to attach an "unprecedented" disclaimer of opinion to the accounts.

The auditors' changes to the accounts have reduced the council's net worth in 2019 by 43%.

The council's senior financial officer Steven Mair said the final fee was not yet known "but it's quite possible to go up to £800,000".

Mr Mair said the 2019/20 accounts "are also predicted to be very expensive and damning".

He added the 2023/24 accounts would be the first set of accounts that would begin with a fully clean slate and would cost the council less.

The council was forced to declare bankruptcy in 2021, having clocked up £760m in borrowing debt, and placed under government supervision.

It plans to raise its council tax by 9.99% and sell up to £600m of assets to help plug the financial hole.

The government appointed commissioners to help run the authority in December 2021.