PracticeAuditWelsh watchdog auditors resign

Welsh watchdog auditors resign

External auditors for Welsh Audit Office step down following discovery of errors in accounts

THE DISCOVERY of errors in the accounts of the Welsh public spending watchdog has resulted in the resignation of the body’s external auditors.

Cardiff based KTS Owens Thomas, external auditor to the Wales Audit Office, cited an “irretrievable breakdown in the professional relationship between ourselves and our client,” according to Walesonline.

In December Accountancy Age reported that a review by the National Audit Office (NAO) had revealed that the accounts of its Welsh counterpart had not been prepared within the applicable reporting framework since 2005/06. In particular it has failed to recognised ongoing liabilities reported to amount to £1m.

KTS Owens Thomas declined to comment at the time.

In a seperate review commissioned by Huw Vaughan Thomas, the auditor general for Wales it was found that the Wales Audit Office had misstated its financial position for 2009/10. Vaughan Thomas noted that the external auditor had issued unqualified audit opinions on the annual accounts every year, despite deficiencies being found by the NAO.

The National Assemby of Wales received the firm’s resignation yesterday.

Walesonline quotes Darren Millar, chairman of the assembly’s pubic accounts committee saying the role of the auditor “required consideration” and that attention had now turned to finding new auditors.

 

 

 

 

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