Fraud against the public sector costs hundeds of millions of pounds a year. It is also tying-up about 50,000 publicly-funded homes that could be allocated to families in need, according to the latest Protecting the Public Purse report from the Audit Commission. As the recession bites even harder on public finances, so the
The view from: Derek Elliott FCCA, head of the Audit Commission’s Governance and Counter Fraud Practice Q. What is your progress in countering fraud? A. Exciting – but worrying. A key aim of the Audit Commission is to raise awareness of risks of fraud and help improve the effectiveness of counter-fraud arrangements in
UK News Bribery up HMRC offshore actions Moore Stephens investigated Moore Stephens’ practice in Northern Ireland is to be investigated by the Accountancy and Actuarial Discipline Board over its audit of the Presbyterian Mutual Society in Belfast, which is in
Sir Andrew Likierman strongly rejects the suggestion that he is a trouble-shooter. Yet it is undeniable that he has been appointed to address some serious challenges. The most important of these is that the affable and relaxed Sir Andrew is the first ever chairman of the National Audit Office. The NAO audits the
Small firms are prevented by bureaucracy from winning their share of public contracts, a committee of MPs has found. If public bodies better understood how SMEs and micro-enterprises operate they could gain from small firms’ innovation and flexibility, the ACCA backed group concluded. The House of Commons All Party Parliamentary Small Business Group is
The view from: Deane Morrice MBA, FCCA, chief executive and secretary of the Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC) Q. What are your challenges? A. Our fund was 89% funded at the last valuation in 2007: the deficit required increased employers’ contributions. The deficit would be higher today with the
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UK News FRC appoints new chief exec Stephen Haddrill is to become the new chief executive of the Financial Reporting Council in November, after Paul Boyle steps down. Haddrill is currently Director General of the Association of British Insurers, a member of the Financial Crisis Advisory Group (FCAG) and was Director General at the
The UK has a housing crisis with several dimensions. Construction companies are going broke. Homeowners cannot sell their properties. Would-be buyers can’t get mortgages. And the waiting list for social housing is increasing rapidly. The social housing crunch has reached the point where 4.5 million people – 1.8 million households – have applied to
UK Value of audit doubted The banking crisis raises doubts about the value of audit, according to a report from the House of Commons Treasury Select Committee. It recommends banning firms from conducting non-audit work for audit clients. The FSA is urged to consult on ways to improve financial reporting, enabling users to
The view from: Chris Wyer FCCA, finance director, Orwell Housing Association Q. What challenges do you face at Orwell? A. A housing association is a unique environment, combining challenges from both the public and commercial sectors. One moment you can be working on a 30 year financial viability plan for our regulators, the
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London’s M25 orbital motorway has a reputation for bad traffic jams. But in recent months it has suffered from a different type of congestion – the seizure of the financial markets blocked plans for its widening. The £1bn M25 scheme was just one of many essential infrastructure projects in the UK disrupted because
UK News Liechtenstein in UK tax deal UK and Liechtenstein tax officials have begun talks on implementing a tax transparency agreement. Liechtenstein has asked HMRC to provide names to assist the identification of UK residents with bank accounts and interests in trusts in Liechtenstein that are used to evade UK tax. The