The NAO qualified the accounts of the fund for the 13th year running today citing £37m paid out in compensation for those who suffered as a result of delays in implementing a new computer system, the National Insurance Recording System – a controversial joint venture with Andersen Consulting.
David Davis, chairman of the PAC, described the figures, which also included £47m of fraud and £45m of miscalculations, as a ‘depressing tale’ when considered along with other recent reports on benefits.
‘Taken together they suggest a social security system plagued by fraud and riddled with error,’ he said.
The NAO revealed the computer system may be up to four years shy of its original completion date of 1997.
Davis said: ‘The delays have caused pensioners, widows and benefit claimants hardship and distress. And so far it has cost the taxpayer £53 million to sort out the problems arising, including paying £37m to compensate pension providers and benefit claimants.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel