PracticePeople In Practice£2m hole found in Forestry accounts

£2m hole found in Forestry accounts

The Forestry Commission has had its accounts qualified after a £2m difference was found between the books for England, Scotland and Wales, and figures in its consolidated accounts.

The Commission has to account separately for its activities in the three nations and produce consolidated accounts, but they did not match up their sums for the £125m operating costs of the body.

Comptroller and auditor general, Sir John Bourn, said the Commission’s central accounting function and common ledger should show the total net cash required equalling the net value of payments and receipts. But ‘despite extensive efforts by Commission officials to agree the two balances, an imbalance of Pounds 2m remained’.

The Commission blamed the inaccuracy on internal charges creating the possibility of misstated levels of income, expenditure or asset balances, which did not arise with the smaller number of accounts previously required. The number of accounts required to be submitted by the Commission increased from five in 1998/999 to 11 in 1999/2000.

Bourn’s opinion made it clear the qualification was in respect of the imbalance alone, and he added that the Commission would review its reporting procedures in a bid to prevent a recurrence.

His report did not say whether the benefit of the imbalance accrued to the Scots, the Welsh or the English.

Links

Forestry Commission online

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor