Page 9 – Annual Audit Letter from Grant Thornton:
We identified two adjustments affecting the Council’s reported financial position. The draft financial statements for the year ended 31 March 2015 presented for audit recorded net expenditure of £13.757m. Following the agreed audit adjustments, the audited financial statements showed net expenditure of £17.641m. The changes related to:
• reversal of upward revaluation of £1.546m to assets under construction which actually related to additions which had already been accounted for; and
• reversal of upward revaluation of infrastructure assets of £2.338m in year as the Code states such assets should be carried at historical cost and not fair value.
Click to access 191115-combined-agenda-a-and-g.pdf
Well spotted Grant Thornton!
East Devon Watch 
The real question is WHY they revalued these assets in this way and WHAT they hoped to achieve by doing so?
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