Public Sector - NAO attacks Trust Office
National Audit Office head Sir John Bourn has slammed the Public Trust Office for failing to obtain accounts from receivers in more than 40% of the cases that they were used, writes Ben Griffiths.
Sir John said the office, which is responsible for managing the finances of those taken mentally ill, must be ‘more vigorous and systematic’ in pursuing receivers which failed to submit accounts.
When the PTO did obtain accounts, only 25% were reviewed within the target time of four weeks – a deterioration since 1993, when 85% were dealt with on time.
An executive agency since 1994, the office aimed to produce auditable, commercial-style financial statements from 1996/1997. It will not do so until 1998/1999, due to ‘weaknesses in its accounting policies, systems and procedures’.
Without the accounts, the NAO said it was impossible to confirm that the office had met its targets for efficiency savings or a 1994 commitment to the Public Accounts Committee to reduce costs by at least 2% in each of the subsequent three years.
Sir John was also concerned over the management of #1.45bn of patients’ funds that the office supervises. He recommended a timetable for the production of auditable accounts from 1998/1999.
The numbers you crunch tell a story. Your expertis...
25yEmbracing 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