Source · National Audit Office
Whole of Government Accounts 2017-18
Published: 24 May 2019
Recommendations: 5
Type: Financial Audit
NAO confirmed: 5
Department: HM Treasury
The Whole of Government Accounts consolidates the public sector’s accounts to produce a picture of the UK’s public finances.
Recommendations
| Rec | Recommendation | Addressee | Acceptance | Implementation |
|---|---|---|---|---|
| 1 |
In setting out its plan and timetable for delivering the WGA earlier, the Treasury should review the processes and resources it uses currently to produce the account and reflect both on the elements that are within its control and those that are not, but which it can influence. This might include setting out the time, cost and quality trade-offs it has made and its long-term plans for removing the remaining qualifications.
Ref Page 192, point a
· Implemented Q4 2021-22
|
HM Treasury | Accepted | Implemented ✓ NAO |
| 2 |
The Treasury’s plans for improving the quality and timeliness of WGA should be informed by:
• a realistic assessment of the risks to introducing the new IT system and the time it may take to implement; and
• its evaluation of the needs of users of the WGA.
Ref Page 192, point b
· Implemented Q1 2022-23
|
HM Treasury | Accepted | Implemented ✓ NAO |
| 3 |
As recommended previously, the Treasury should examine how it can:
• provide more granular information on government spending, particularly around the purchase of goods and services
• explain the sensitivity of the value of significant assets to changes in assumptions in the way it does for significant liabilities.
Ref Page 193, point c
· Implemented Q2 2020-21
|
HM Treasury | Accepted | Implemented ✓ NAO |
| 4 |
In reflecting on the needs of users of the WGA, the Treasury should:
• consider using the WGA to report on government’s management of significant financial risks by way of an annual update to its Managing fiscal risks report; and
• continue to refine the disclosures around the impact of leaving the EU.
Ref Page 193, point d
· Implemented Q2 2020-21
|
HM Treasury | Accepted | Implemented ✓ NAO |
| 5 |
The Treasury should ensure that the work of the balance sheet review endures and its analysis of the balance sheet risks and opportunities becomes embedded into government’s routine decision-making and financial management processes as well as significant events, such as the planned spending review. The Treasury should use the WGA as a means, alongside its biennial Managing fiscal risks report, to demonstrate to the public and Parliament the impact the balance sheet review has had.
Ref Page 193, point e
· Implemented Q2 2020-21
|
HM Treasury | Accepted | Implemented ✓ NAO |