Source · Select Committees · Public Accounts Committee
Recommendation 26
26
Department faces significant challenges in finance capability and audit timetable delivery.
Conclusion
The Department faces two main challenges to bring the audit timetable forward, issues within the Department’s control and issues within the local audit market. The Department acknowledges that it is always looking to build its finance capability and identified three areas where more expertise is needed: financial, commercial and digital. The Department however confirmed it had enough people within the finance team but that its focus was on the financial expertise of non-finance staff.51 There are expected issues in 2022–23 with the introduction of a new accounting standard, IFRS 16, which fundamentally changes the way entities account for leases.52 The written evidence submitted by the Institute of Chartered Accountants in England and Wales (ICAEW) also raises concern with regards to the staffing levels within the finance function.53
Government Response
A response document is linked to this report, dated 24 September 2023. Response attribution to this conclusion has not been verified. Read the response document ↗