Losses fear prompts gallery visit
Independent auditors have been called in to look at Walsall's New Art Gallery, after concerns that the organisation was running at a massive loss.
Although officials from Walsall council denied the award-winning complex was to close, or that it had asked the Arts Council for an extra £300,000 in funding, the two bodies are paying for an independent audit to get to the root of the problem. The gallery has been without a director for more than two years, but now a team of senior council officers have taken over its running to prevent a ‘potentially serious financial situation’.
The Institute of Internal Auditors has released a briefing note outlining the benefits of implementing risk management procedures. The document is aimed at those struggling to introduce risk management fully into their business culture, despite having been through the early implementation stages. It discusses some of the key success factors, gives suggestions for implementation and provides a case study on the Co-operative Group. IIA president Terry Cunnington said the note would help internal auditors to champion risk management in their organisations.