NAO qualifies Department for Work & Pensions' accounts
NAO finds massive losses in DWP due to fraud and error
NAO finds massive losses in DWP due to fraud and error
The National Audit
Office has painted another bleak picture of the financial controls within
the Department for Work & Pensions after qualifying its 2005/2006 accounts
for the 17th time.
Its report into the government department found £2.7bn in losses that came
about due to fraud and error in 2005-06.
The loss represents 2.2% of the DWP’s total expenditure of £124.2bn over the
period.
Despite the qualification, NAO chief
Sir John
Bourn said ‘real progress’ had been made towards removing or tackling the
qualifications that have been made to the department’s account in recent years.
‘It is always encouraging to see such progress, but the scale of the
challenge ahead remains considerable,’ he said.
Further reading:
NAO forced to qualify Commons
accounts
NAO denies changing NHS report
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article