Public Sector - NAO secures Camelot audit
The National Audit Office scored a long-awaited victory after the government agreed to allow access to lottery operator Camelot’s books and records.
The move was urged by the Public Accounts Committee after the NAO was unable to express an opinion on whether the amounts paid into the National Lottery Distribution ‘good causes’ Fund were correct, due to a lack of access to Camelot’s records.
The NAO also found that Oflot, the industry regulator, failed to carry out 11 of the 21 compliance programmes designed to check that licence conditions were being complied with.
The move will allow the NAO unprecedented access to a network of companies that administer or receive considerable public subsidies. The watchdog said it is allowed access to some non-departmental bodies but not others.
‘What we want is some consistency. We will continue to make the case for the right to do our job properly,’ said an NAO spokeswoman.
But Camelot said it was already audited by Oflot, its own internal auditors Coopers & Lybrand and Customs & Excise, and the weekly draw was audited by Price Waterhouse.
‘We’re already crawling with auditors, why can’t one watchdog take the word of another?’, said a Camelot spokesman. ‘We’re also concerned about the potential administrative burdens it will entail.’
The numbers you crunch tell a story. Your expertis...
26yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article