Brexit & EconomyPoliticsTreasury faces accounts qualification

Treasury faces accounts qualification

NAO has concerns over treatment of Northern Rock, paper says

The Treasury’s accounts could be qualified by the NAO,
the
Times reports today
.

In what would certainly prove one of the more humiliating episodes in
government accounting in recent history, the paper reports that concerns over
the status of Northern Rock have led the audit office to consider refusing to
sign off the Treasury’s numbers.

The Treasury is responsible for government accounting policy as a whole, with
the head of government accounting, Jon Thompson, working there.

The accounts have been delayed, the paper said this morning. The annual
report from Number 11 was published but, in a departure from convention, the
department’s resource accounts did not appear alongside.

A Treasury spokesman denied the NAO had threatened to qualify the accounts,
the paper said. ‘We are working very closely with the NAO to ensure the issues
that arise as a result of Northern Rock are properly dealt with in our accounts
but we still intend to publish them before the summer recess.’

Tory MP Michael Fallon was quoted saying: ‘This is a fresh humiliation for
Alistair Darling. He has lost control over public finances. Now it looks as if
he can’t get his department’s books past the auditors.’

Further Reading:

Read
story in The Times

Overview:
the Treasury part-time chief’s juggling act

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

4m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

5m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter