financial reporting
Councils are currently addressing external auditor concerns regarding their financial reporting and management practices.
Lambeth Council is addressing an independent assessment by Grant Thornton, presented in October 2026, which found the council at risk of non-compliance in eight key financial areas, including external financial reporting. The report highlighted concerns such as demonstrating value for money, financial resilience, and medium-term financial planning.
Separately, Tower Hamlets Council has been grappling with 'significant weaknesses' in its governance and financial management, identified by external auditor Ernst & Young LLP (EY) in December 2025. A report to the Audit Committee proposed a new statutory recommendation regarding internal investigations, with the auditor warning of continued statutory intervention without urgent action.
Financial reporting is the process of preparing and presenting financial information about an organisation to external stakeholders, including financial performance and position. No upcoming meetings are currently scheduled to discuss this topic based on the provided information.
Key facts
- Lambeth Council was found to be at risk of non-compliance in eight key financial areas, including external financial reporting, by an independent assessment in October 2026. Source
- An independent review by Grant Thornton identified concerns for Lambeth Council regarding demonstrating value for money and medium-term financial planning in October 2026. Source
- Tower Hamlets Council was identified as having 'significant weaknesses' in its governance and financial management by external auditor Ernst & Young LLP (EY) in December 2025. Source
- The external auditor proposed a new statutory recommendation for Tower Hamlets Council regarding the effectiveness of internal investigations in December 2025. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 23 October 2026. Spotted a mistake? Email community@opencouncil.network.