Government accounting at crossroads: Emerging opportunities during COVID-19
Image
Government accounting and financial reporting are at a crossroads today. Providing information on how much cash is received into treasuries and paid out for goods, services and transfers is not enough. Stakeholders are demanding more accountability and engagement in public finances. Governments are spending large sums of money to tackle the health emergency and to implement massive fiscal stimulus programs in response to the pandemic. Undoubtedly, timely and quality information is necessary to better assess the financial health of governments and to communicate the financial consequences of the pandemic to all stakeholders. This can contribute to building the much-needed trust in governments and improve the effectiveness of their pandemic response.
Joe Pickard February 5, 2021 (Last Updated February 5th, 2021 11:43)
Share Article
Financial Times (
FT), recently appointed UK business secretary Kwasi Kwarteng intends to publish a white paper on audit reforms as early as next week.
The white paper will follow numerous reviews into the UK audit market, most recently the Brydon report which called for the UK’s Financial Reporting Council (FRC) to transition into a new regulator, the Audit, Reporting and Governance Authority (ARGA).
The
FT reported that the white-paper will push forward with many of the major recommendations from the independent reviews into the audit market, with the exception of the Competitions and Market Authority’s (CMA) recommendation that listed companies should have to enlist the services of two auditors to carry out a joint audit. The department for Business, Energy and Industrial Strategy (BEIS) is instead expected to propose a ‘more limited plan
Micki Hacking has been asking Marty Black to pay up or leave her five-bedroom cottage in Gloucestershire
Ms Hacking has been letting out family home while she works in London and fears defaulting on mortgage
Mr Black exploiting the Covid crisis to stay for as long as possible - landing her with bills worth thousands
Presents himself as multi-millionaire businessman but MailOnline probe raises serious questions about CV
Includes claims to have worked for UK s Ministry Defence and America s Pentagon as a defence contractor
Have you had a similar experience? Email rory.tingle@mailonline.co.uk
“It’s the final piece of the jigsaw,” says Sundeep Takwani, director of regulatory relations at the Association of Chartered Certified Accountants (ACCA), on its application to give up its status as a recognised professional body (RPB) for insolvency practitioners.
The organisation applied to the Secretary of State for Business requesting its withdrawal in February 2019 for the purposes of section 391 of the Insolvency Act 1986 after recognising it was no longer commercially viable for its members.
“From our perspective, the cost of insolvency regulation was becoming unsustainable,” says Takwani. ACCA had slowly began transferring some of its regulatory aspects in 2016 to other RPBs.