In response to the commencement of Grant Thornton's Value for Money review into the council's governance arrangements, Woking Borough Council’s Chief Executive, Julie Fisher, said: “It is important that we understand the decisions and actions of the past that have significantly contributed to the financial challenges we face today.
"Our incoming auditor, Grant Thornton UK LLP, has agreed to conduct a Value for Money review into governance arrangements that relate to our historic investment strategy, which relates to their responsibilities for the 2023/24 audit year.
"The review will consider the council’s governance arrangements and processes in place for making effective decisions in relation to investments made in the past. It will review how risks were assessed and managed and how decisions were scrutinised at the time those decisions were made.
“Senior council officers are already supporting Grant Thornton with their investigative work. It is intended that former officers and former councillors will be contacted for their input into the review.
“The outcomes from the review will be shared to enable the council to learn lessons from the past and the decisions and actions that have contributed to the challenges we now face.”
Cllr Ann-Marie Barker, Leader of Woking Borough Council, said: “I know residents have been concerned to understand how Woking reached this financial situation and am pleased to be able to share details of how the value for money review will be conducted.”