The NAO audits the accounts of the Treasury and its arms length bodies (including National Savings & Investments and the Debt Management Office, but excluding The Bank of England) and those of Central Funds, and we work with the Treasury on its Whole of Government Account. Our VfM work covers selected areas of HM Treasury's activities, and aims to improve compliance and efficiency, and reduce the administrative tax burden.
The Comptroller function requires the C&AG to approve all requests for the transfer of money into or out of central funds.
The NAO has today published an investigation of two grants awarded by the Big Lottery Fund and one awarded by the Cabinet Office to three related organisations.
The National Audit Office has today reported on HM Treasury’s 2013-14 Annual Report and Accounts. The report provides an overview of the context in which the Comptroller and Auditor General has carried out his audit of the Treasury’s 2013-14 financial statements; and details of his assessment of audit risk arising from the Treasury’s major financial stability and wider economic support schemes.
Government has given less attention to grants than to other policy funding mechanisms, despite grant funding being higher in value, making up 41 per cent (£292 billion) of its total expenditure.
This report draws together insights from our previous reports and those of the PAC on the role of, and recent changes to, the centre of government. The centre of government has responsibility for coordinating and overseeing the work of government, enabling it to achieve its strategic aims and ensuring there is a central view of the effective operation of government as a whole. Most of these strategic functions are performed by the Cabinet Office and the Treasury.
We welcome the Treasury’s continuing commitment to improving the timeliness and content of the WGA.This will enable the Treasury to manage public finances better.
The Thames Tideway Tunnel is a planned project to build a large sewer running under the River Thames. It is the Government’s preferred solution to the problem of spills from London’s sewers into the tidal part of the Thames. In response to correspondence, we explain the roles of the different parties, identify potential risks to value for money and set out what we expect good project management to look like. To avoid influencing the outcome of ongoing competitions for the construction and financing of the project, we do not evaluate the value for money of the project and the issues raised do not imply any audit judgement about its performance.
The purpose of this note is to update the Committee of Public Accounts on developments since the publication of the National Audit Office report in February, particularly the release of the Authority’s second annual report on 23 May.
The Treasury Committee asked the National Audit Office to undertake an analysis of the VFM assessment process and model for PFI. The assessment process combines a quantitative and qualitative approach to VFM appraisal. Our review focused, primarily, on the use of the financial model in the VFM assessment process and was submitted to the Treasury Committee as part of their inquiry into PF2.
There are more than 1000 tax reliefs in the UK tax system. The NAO intends to carry out future work evaluating how they are developed and implemented.
This memorandum is intended to support a Public Accounts Committee hearing on the Major Projects Authority and its first annual report, published in May 2013.