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The Chartered Institute of Public Finance and Accountancy, CIPFA, has welcomed the annual report of the Audit Commission Auditing the Accounts which focuses on the timeliness and quality of financial reporting for local authorities.
The report presents a picture of continuing improvement in financial reporting for local authorities compared to last year. It summarises the results of auditors' work for 2013/14 at councils, fire and rescue authorities, police bodies, other local government bodies, parish councils and internal drainage boards.
Alison Scott, CIPFA’s Assistant Director responsible for financial reporting, said:
“We warmly welcome the report’s conclusions demonstrating the continuous improvement in the quality and timeliness of local authority accounts. This is particularly impressive in a time when local authority resources are becoming increasingly scarce. Local authorities are to be congratulated on the achievements heralded in the report.
“The improvements in financial reporting will also support CIPFA’s project on the Simplification and Streamlining of local authority financial statements. Where CIPFA is looking at radical options to enable authorities to effectively tell the story of their financial performance which is fundamental in times of austerity in the public sector.”