Audit Commission Criticises Quality of Public Sector Accounts

The Audit Commission has identified that councils do not take the process of preparing, or publishing, their accounts seriously enough.

The Commission noted that 25% of submitted accounts have to be resubmitted, because of significant errors.

The Commission highlighted "significant" departures from UK GAAP, the Commission is also concerned at the delay in bringing the local government systems into line with UK standards.

Competition or Merger?

There is a good article on the Accounting and Business website, outlining the arguments for and against the merger proposals.

You can access the article via this link Accounting & Business.

ICAEW Shuns ICAS

According to Accountancy (page 6 July 2005) the ICAEW seems to be being a tad disingenuous when it says that it is in "continuous dialogue" with ICAS, over the controversial proposed name of the new merged body.

Des Hudson, CEO of ICAS, is quoted as saying:

"we reiterate that we are anxious to sit down and enter into proper negotiations in a good spirit to try and find a solution. And we're ready to do that any time, any place".

In other words, despite what they claim, the ICAEW are not talking to ICAS.

Why?

The Hypothetical Merger

Ian Christison, the new president of CIMA, is quoted in Accountancy (page 136 July 2005) as saying a merger with the ICAEW is "hypothetical".

He goes on to say that he is "part of a team which is working to advance the CIMA brand and reputation of members".

Doesn't sound like he is that supportive of the idea of a merger.