THE NAO HAS given its official seal of approval to financial forecasts underlying the budget in the last such report it will produce following the creation of the independent Office for Budget Responsibility.
A report found: “The key economic and fiscal assumptions underpinning the OBR’s forecasts have been independently arrived at.”
The NAO was required to examine budget assumptions underlying fiscal projections from the Treasury – a duty that will end when the legislation setting up the OBR is passed.
Its final report said: “We are content that the current scope of the OBR does not negatively impact on its ability to arrive independently at the key economic and fiscal assumptions and that there is positive evidence of OBR having full discretion over its scope and forecast judgments.”
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC