This impacts case study shows how our identification of accounting errors kick-started a number of actions to improve financial management processes and training.
It is one example of financial or non-financial benefits realised in 2014 as a result of our involvement, all of which are set out in our interactive PDF.
Impacts case study
Our work on the audit of the accounts of the British Council identified possible material error in its accruals balances. The Council decided to investigate these balances and re-present their accounts to avoid the possibility of a qualified audit opinion. As a result, sign-off was delayed for a period of five months while its investigation reviewed processes and eventually identified errors of £8.9 million.
What are impacts?
Improvement actions have been taken including: kick-starting a number of related projects; increased scrutiny over accruals balances, particularly in relation to old un-cleared transactions; revised approval processes for high-value accruals; and better training for in-country and shared service centre staff. The new Chief Financial Officer has welcomed our work and continued engagement, which has given her a valuable insight into the challenges and opportunities that she and her team face in improving the Council’s financial management and staff capability and capacity