Accounting against the Clock

The Wales Audit Office is keen to promote the faster closure of accounts for all local authorities in Wales with the Auditor General recently congratulating Torfaen County Borough Council on their record closure of accounts in July this year. In this blog, which originally featured on our Good Practice Exchange blog site, John Herniman explains the key challenges and the role the Wales Audit Office will play in the transition.

Good Practice Exchange at The Wales Audit Office

Faster Closure of accounts in Wales – are we all up for the challenge?

Accounting

The Good Practice Exchange will shortly be holding two Faster Closing seminars in Cardiff and North Wales. John Herniman from our Senior Leadership Team shares his views on Faster Closing and what it means for Wales.

We’ve heard a lot in recent months about the faster closing of accounts. In England, both Oldham and Westminster Councils beat their previous records for closing their accounts, doing so by the end of May. Closer to home, Torfaen County Borough Council closed its 2014/15 accounts in record time, 10 weeks ahead of the deadline. There is also the continued pressure to speed up the publication of the annual Whole of Government Accounts into which Local Government bodies accounts are consolidated.

As we all know, the current deadlines for the production and audit of Local Government bodies’ accounts are 30…

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