A new partnership to produce fully compliant accounts for local authorities was announced by CIPFA and EY today. The Assured Managed Services offering draws on CIPFA’s expertise as the official standard-setting body for the sector and EY’s extensive experience in monthly reporting and accounts closedown for companies, to provide fast, secure and reliable financial reporting.
The services are designed to meet specific requirements of different councils in financial analysis, budgetary control and accounts production. Using sophisticated software, developed with leading local authority finance experts, CIPFA and EY will be able to provide regular reports to better inform decision making, as well as end of year accounts.
Rob Whiteman, CIPFA Chief Executive, said:
“Statutory requirements have made local government accounts increasingly detailed. That’s great for planning and transparency but the process can swamp finance teams causing log-jams and additional costs, such as employing temporary staff.
"EY has a solid reputation for preparing and consolidating private sector accounts and CIPFA knows public finance like none other. Together, we can offer a game changing service to boost performance and reduce costs by freeing up finance teams to focus on good financial management.”
David Smith, EY Government and Public Sector Financial and Accounting Advisory Services UK Leader, said:
“As part of this new service, we will be able to provide monthly reports for review and consolidate data to produce end of year accounts when they are required. It will effectively enable local authorities to have accounts production at the touch of a button.
“By teaming up with CIPFA, we are building on our existing closedown services so that, for the first time, public sector organisations will be able to access the same support used by leading private sector businesses. This is good news for finance professionals and local authorities.”
The CIPFA/EY Assured Managed Services will be available from September 2016. The process will help with the quality and timeliness of reports and will include financial analysis to review manual adjustments and incorporate accounting code changes, as well as support to finalise the closedown process.
Notes to editors
1/ For further information on CIPFA/EY Assured Managed Services please see: www.cipfa.org/closedown
2/ The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public services. It is responsible for the education and training of professional accountants and for their regulation through the setting and monitoring of professional standards.
Uniquely among the professional accountancy bodies in the UK, CIPFA has responsibility for setting accounting standards for a significant part of the economy, namely local government. CIPFA’s members work (often at the most senior level) in the public service bodies, in the national audit agencies and major accountancy firms. They are respected throughout for their high technical and ethical standards and professional integrity. CIPFA also provides a range of high quality advisory, information and training and consultancy services to public service organisations. As such, CIPFA is the leading independent commentator on managing and accounting for public money.
3/ EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com.
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