NAO

Streamline reporting requirements for small public bodies, says NAO 

Streamlining governance and audit requirements for small public bodies would allow the government to release resources and improve accountability, the National Audit Office (NAO) has said.  Its new report found that some of the government’s requirements on how public bodies should operate effectively are “better suited to large organisations than…

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NAO appoints two executive directors

The National Audit Office (NAO) has announced the appointment of Verity Prime and Laura Lucking as new executive directors.  They will be responsible for overseeing the watchdog’s work on areas such as infrastructure, transport, major projects, defence, energy and net zero.  They join from The National Lottery Community Fund where…

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Today’s news in brief – 27/11/2024

The National Audit Office (NAO) has, for the first time, issued a “disclaimer of audit opinion” on the Whole of Government Accounts (WGA) due to severe local authority audit backlogs. Only 10% of England’s 426 local authorities submitted reliable data, leaving 90% non-compliant or unverified. Comptroller and auditor general Gareth…

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NAO refuses to sign off gov accounts over ‘severe’ council audit backlogs

The National Audit Office (NAO) has refused to sign off this year’s government accounts over “severe” backlogs in local authority audits that have resulted in missing data.  For the first time, the NAO announced a “disclaimer of audit opinion” on the latest Whole of Government Accounts (WGA). The WGA, based…

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FRC welcomes legislation to restore timely financial reporting and audit

The Financial Reporting Council has welcomed the government tabling legislation in Parliament on 9 September 2024 to address the significant delays in local authority audits.  This follows the Written Ministerial Statement issued on 30 July 2024. This Statutory Instrument, laid alongside revised Code of Audit Practice from the National Audit…

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HMRC losing ‘billions’ due to small business tax evasion, NAO finds

The UK is losing billions of pounds a year in revenue due to tax evasion among small businesses, which can “easily” exploit weaknesses in government systems, according to a new National Audit Office (NAO) report. According to HM Revenue and Customs (HMRC), while the overall level of tax evasion has…

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CIPFA echoes NAO’s call for urgent NHS financial reforms

The Chartered Institute of Public Finance and Accountancy (CIPFA) has backed calls from the National Audit Office (NAO) for urgent NHS financial reforms. CIPFA has stated that the report “adds to the overwhelming evidence that the NHS is perilously close to becoming unsustainable”. The body has found that the NAO’s…

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Introducing ARGA: the proposed new audit regulator

The UK government has long proposed reforms to the audit and corporate governance framework.  Back in September 2020, Sir Tony Redmond’s Independent review into the oversight of local audit and the transparency of local authority financial reporting had found “serious concerns” regarding the state of the local audit market and…

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The history of Making Tax Digital

First announced in December 2015, the UK government revealed Making Tax Digital (MTD), an initiative for “the end of the tax return and a transformed tax system”. This roadmap was supposed to be in place by 2020, but as we know, there have been many delays since then. As of…

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Today’s news in brief – 9/2/2024

Baker Tilly International has reported record global revenues of $5.2bn for the year ending December 2023, marking an 11% increase from the previous year. The firm has consistently expanded, growing by almost 30% since 2020, with Europe being the fastest-growing region at 17%. Baker Tilly’s service lines, including advisory, tax,…

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