1
Conclusion
Twentieth Report - Whole of Government …
Acknowledged
Based on the Whole of Government Accounts (WGA) for the year ended 31 March 2020, we took evidence from HM Treasury (the Treasury) on 8 June 2022.1 The WGA is a unique document which provides the most complete and accurate picture available of the UK public sector finances.2 It is …
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Based on the Whole of Government Accounts (WGA) for the year ended 31 March 2020, we took evidence from HM Treasury (the Treasury) on 8 June 2022.1 The WGA is a unique document which provides the most complete and accurate picture available of the UK public sector finances.2 It is a set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and the Government Financial Reporting Manual (FReM).3 It brings together information on the financial performance and position of over 10,000 organisations across the UK public sector, including: central government departments; local authorities; devolved administrations; the NHS; academy schools; and public corporations such as the Bank of England.45 The Treasury published the 2019–20 WGA on 6 June 2022, 26 months after the end of the financial year.6
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Government response AI summary
The Treasury is revisiting the timetable for the 2020-21 account and future cycles and will write to the Committee setting out a long term recovery strategy to strengthen discipline within the system and investing in specialist project management support and increasing the size of the …
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HM Treasury
7
Conclusion
Twentieth Report - Whole of Government …
Acknowledged
Timeliness is essential when gathering high-quality data needed to produce useful information; delays reduce the value and transparency of information in the WGA and diminish its potential to generate valuable insights.17 The published accounts are an important source for key stakeholders including Parliament, and major fiscal bodies such as the …
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Timeliness is essential when gathering high-quality data needed to produce useful information; delays reduce the value and transparency of information in the WGA and diminish its potential to generate valuable insights.17 The published accounts are an important source for key stakeholders including Parliament, and major fiscal bodies such as the International Monetary Fund and Office for Budget Responsibility, and underlying data is used by HM Treasury to help manage the public finances. In order to fully exploit this potential, the information provided must be complete, accurate and timely.18
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Government response AI summary
The Treasury is revisiting the timetable for the 2020-21 account and future cycles in light of the causes of the delays both this year and for 2019-20, and will write to the Committee setting out a long term recovery strategy that is realistic.
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HM Treasury
8
Recommendation
Twentieth Report - Whole of Government …
Acknowledged
Throughout the course of the 2019–20 accounts preparation process, the Treasury repeatedly underestimated how long it would take to produce the WGA; missing both 11 Public Accounts Committee, Report of session: Whole of Government Accounts 2018–19, 22 January 2021 12 HM Treasury, The Whole of Government Accounts (Specified Dates) Order …
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Throughout the course of the 2019–20 accounts preparation process, the Treasury repeatedly underestimated how long it would take to produce the WGA; missing both 11 Public Accounts Committee, Report of session: Whole of Government Accounts 2018–19, 22 January 2021 12 HM Treasury, The Whole of Government Accounts (Specified Dates) Order 2010, 2010 No. 570, 31 March 2010 13 WGA 2019–20, para 9, p 211 14 WGA 2019–20, title page 3 15 HM Treasury, Whole of Government Accounts: year ended 31 March 2019, HC 500, July 2020 16 Public Accounts Committee, Oral evidence: Whole of Government Accounts, HC 31, 8 June 2022, Q 5 17 Q 12 18 WGA 2019–20, para 14, p 212 Whole of Government Accounts 2019–20 11 statutory deadlines and routinely missing self-set delivery milestones.19 In November 2020 the Treasury told the Committee that the accounts would be published in June 2021.20 However, by January 2021 the Treasury was no longer in a position to meet the 28 February statutory deadline for providing the draft accounts to the C&AG, and by July 2021 it communicated to us that it would also not be able to meet the 31 December deadline for laying the accounts. Altogether the Treasury wrote to us four times about successive delays to the delivery schedule with the most recent of these updates giving April 2022 as the target for publication.21 22 23 24 The 2019–20 WGA was eventually published on 6 June
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Government response AI summary
The Treasury is revisiting the timetable for the 2020-21 account and future cycles in light of the causes of the delays both this year and for 2019-20, and will write to the Committee setting out a long term recovery strategy that is realistic.
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HM Treasury
9
Recommendation
Twentieth Report - Whole of Government …
Acknowledged
The Treasury has laid out its aims for delivery of the 2020–21 and 2021–22 accounts, setting target dates for publication of March 2023 and November 2023 respectively. This gives the Treasury less than 10 months from publication of the 2019–20 WGA for the preparation and audit of the 2020–21 accounts, …
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The Treasury has laid out its aims for delivery of the 2020–21 and 2021–22 accounts, setting target dates for publication of March 2023 and November 2023 respectively. This gives the Treasury less than 10 months from publication of the 2019–20 WGA for the preparation and audit of the 2020–21 accounts, and only eight months subsequently for the 2021–22 accounts.26 The accounts production timetables the Treasury laid out for 2019–20 were unrealistic and it is vital that this is not repeated so that delivery plans are realistic and achievable going forwards.27 The Treasury has yet to develop a detailed delivery plan to support the high-level timetables for the 2020–21 and 2021–22 accounts.28 Implementation of OSCAR II
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Government response AI summary
The government agrees with the Committee’s recommendation, acknowledging the unlikelihood of achieving the planned March 2023 publication date and stating they are revisiting the timetable and will write to the Committee with a long term recovery strategy.
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HM Treasury