RegulationAccounting StandardsNon-qualified accountant oversaw £160m Olympic overspend

Non-qualified accountant oversaw £160m Olympic overspend

Non-qualified accountant in charge of LDA's £1.1bn Olympic budget

An investigation into a £160m overspend for the Olympics in 2012 has found
the employee responsible for the budget was without a formal accounting
qualification.

A committee investigating the overspend on the London Development Agency’s
£1.1bn budget found that of two accountants employed to check the accounts, only
one was qualified,
reported
Building
.

The London Assembly Economic Development, Culture, Sport and Tourism
committee demanded to know how the accountants had failed to spot the overspend.

In questioning both the LDA’s chief executive and chairman, it was revealed
that a qualified accountant oversaw the accounts on a day-to-day basis, while
the non-qualified accountant took overall responsibility for the budget.

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