Audit of financial statements

The Comptroller and Auditor General (C&AG), with the support of the National Audit Office (NAO), plays a key role in the accountability cycle for public sector finances.

We are responsible for auditing the financial statements of:

• all central government departments;
• executive Agencies; and 
• a wide range of other public sector bodies. 

We also have a number of international clients including the International Labour Organization and the World Food Programme.

Feature

International Financial Reporting Standards

The 2007 Budget announced that, from 2008-09, the accounts of central government departments and entities in the wider public sector will be produced using International Financial Reporting Standards (IFRS), as interpreted for the public sector in the IFRS-based Financial Reporting Manual (FReM).

While full implementation has been deferred until 1 April 2009, departments and other entities are required to produce “shadow” financial statements for 2008-09 using IFRS.

All NAO financial audit staff have received IFRS based training and we have prepared a readiness toolkit (454KB) to help clients with the transition.

We shall be working closely with departments on this initiative.