Brexit & EconomyPoliticsKPMG report critical of Scottish Enterprise

KPMG report critical of Scottish Enterprise

Operational changes called for following review of internal audit

In its report into the financial situation of Scottish Enterprise, the main
economic development agency, funded by the Scottish Executive, KPMG has made a
number of key recommendations to improve its internal audit process.

The firm primarily looked at the resource allocation process during the
course of 2005/2006 and found that overspend was impacted upon by little or no
increase in the resource budget and the inability to utilise cash reserves
without impacting on the reported overspend.

KPMG made the following recommendations and observations:

– Scottish Enterprise’s budget should be prepared on a total resource basis,
that is including non-cash items

– There was no clear responsibility and accountability around the new
resource allocation process

– Management information was not produced on a timely basis

– No prioritisation of projects was in place during the year

– More timely action was required following the Quarter 2 review

– Only in January 2006 did a clear message to ‘reduce expenditure by 15%’ go
to business units.

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

4m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter