The Department for Transport has been challenged to justify £10m spent on
consultants from Deloitte, KPMG and other firms to help implement efficiencies
inspired by the Gershon review.
MPs on the House of Commons transport committee accused the department’s
finance staff of being unable to relate the expenditure to efficiency gains,
describing the failing as ‘outrageous’.
The annual report stated that the expenditure on the consultants has
‘supported a number of projects that contribute to the delivery of the DfT
efficiency programme’. It added: ‘However, it is not possible to directly relate
expenditure on consultants to efficiency gains.’
The MPs said that this indicated ‘unacceptable gaps in the department’s
financial management and monitoring systems’.
The committee report also demanded ‘independent validation’ of claimed
efficiency savings after discovering a revised technical note that showed a
considerable amount of validation would take place internally.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.