CIPFA and EY form partnership to produce fully compliant accounts for local authorities
A NEW PARTNERSHIP to produce fully compliant accounts for local authorities has been announced by CIPFA and EY.
The Assured Managed Services offering draws on CIPFA’s expertise as the official standard-setting body for the sector and EY’s experience in monthly reporting and accounts closedown for companies, to provide fast, secure and reliable financial reporting.
The services are designed to meet specific requirements of different councils in financial analysis, budgetary control and accounts production.
Using software, developed with local authority finance experts, CIPFA and EY said they will be able to provide regular reports to better inform decision making, as well as end of year accounts.
Rob Whiteman, CIPFA chief executive [pictured], said: “Statutory requirements have made local government accounts increasingly detailed. That’s great for planning and transparency but the process can swamp finance teams causing log-jams and additional costs, such as employing temporary staff.
David Smith, EY government & public sector financial and accounting advisory services UK leader, said: “As part of this new service, we will be able to provide monthly reports for review and consolidate data to produce end of year accounts when they are required. It will effectively enable local authorities to have accounts production at the touch of a button.
The CIPFA/EY Assured Managed Services will be available from September 2016.