TechnologyAccounting SoftwareNAO backs private finance initiative

NAO backs private finance initiative

The National Audit Office has thrown its weight behind the government's private finance initiative by pledging that auditors will not stand in the way of innovative funding arrangements for public-private partnerships.

Normally the NAO only looks at the effectiveness of PFI deals once they have been completed. It has examined eight PFI projects so far. In a report published on 13 August, however, the office seeks to convince civil servants and private sector partners that it is fully supportive of the initiative.

‘The NAO have consistently stated they will not stand in the way of well thought out innovation and risk taking,’ according to the report.

The NAO report is a further step within Whitehall to make the PFI process more transparent. In July, the Treasury finally published accounting rules for PFI deals, a move welcomed by business and the profession as clearing up the confusion surrounding public-private partnerships. The Commons Public Accounts Committee has launched its own inquiry into PFI deals.

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