Many local authorities are concerned that meeting the publication deadline for unaudited financial statements will bring “considerable risk to their organisations and their professional standing”, CIPFA’s CEO has warned.
In a statement made yesterday (24 May), Rob Whiteman outlined that councils are required to publish their unaudited financial statements by 31 May 2023. However, some senior leaders in local government finance have told CIPFA that this will not be achievable without significant risk.
He said: “Many are concerned about the wellbeing of teams who have worked hard to deal with a difficult budget setting process and are now facing the challenge of producing accounts against the backdrop of significant and continuing audit delays.”
Whiteman detailed that audit delays have presented chief financial officers with gaps in assurance processes, “which make exercising professional judgement about a true and fair position more difficult”.
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He stated that CIPFA encourages section 151 officers to take a “considered and transparent” approach towards meeting the publication deadline for unaudited financial statements. This can be done by ensuring conversations have taken place with key stakeholders, such as senior members of the council and the chair of the audit committee.
“Clarity about the reasons for any decisions about publication of the unaudited financial statements will allow members and others to monitor the situation, maintaining appropriate transparency and accountability over the process,” Whiteman added.
“It is important that all those involved understand the reality that a balance is struck between the timeliness and the quality of unaudited financial statements produced in the coming weeks.”
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