Recommendation 30

In its written evidence to us, the ICAEW told us that the WGA was not yet filling its full potential as it was not being used as the multi-purpose tool that it should be. The Institute maintained that annual financial reporting is a multi-purpose tool that underpins effective financial management, strategic decision-making, risk management, governance processes, and regulatory and legal compliance. It told us that the WGA had enabled progress to be made in many of the above areas. However, it also told us that the continuing pattern of delays in accounts production we have explored earlier in this report prevent the WGA from being sufficiently relevant to take their proper place as a pillar of governmental decision-making. They also limit the opportunity for the WGA to act as a means to share policy successes and good practice, and as a tool for accountability.54