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The Chartered Institute of Public Finance and Accountancy (CIPFA) has welcomed a new report from the Audit Commission which covers the timeliness and quality of financial reporting.
The report finds that there have been improvements in the standard of financial reporting compared to last year. It summarises the results of auditors' work for 2011/12 at councils, fire and rescue authorities, police bodies, other local government bodies, parish councils and internal drainage boards.
Paul Mason, CIPFA’s Assistant Director for Professional Services, commented,
“We are extremely pleased with the report’s conclusion that there have been improvements in the performance of financial reporting. This is particularly encouraging as this is only the second year of financial reporting under IFRS for local authorities. They should feel justly proud of this achievement.
“CIPFA also welcomes the significant improvements on the timeliness of the information provided to inform the Whole of Government Accounts. The need for timely and accurate submission to the Whole of Government Accounts process is extremely important, particularly as the Government strives to increase efficiency savings and transparency in public sector funding.”
CIPFA Press Office
T: 020 7543 5600
Notes to Editors:
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.