CIPFA, which has worked with the Treasury to plug the gap that the government aimed to fill by the end of 2006, said the project was still a way off completion but was moving forward.

'Realistically, the whole process across Whitehall could be completed within two years,' writes CIPFA education and training director Adrian Pulham in this week's Accountancy Age. 'Yes, the deadline has been missed but the matter is firmly in hand.'

Pulham also admits an NAO report highlighting that £45bn of government spending was not overseen by a qualified FD was 'clearly of concern'.

Dame Mary Keegan was in charge of a plan to have all departments with a qualified FD at the helm by the end of 2006.

The Treasury said that 96% of departments had a qualified FD in place, a 'remarkable turnaround'.

'There has been a major step change in the numbers of qualified finance directors within a very short period of time,' said a spokesman.