The Department for Business and Trade (DBT) has published its 2024-25 accounts, containing the audit opinion of the Comptroller and Auditor General (C&AG)

Modified audit opinion

The C&AG has qualified his audit opinion because he was unable to obtain sufficient evidence for the opening balance and some transactions during the year for the Horizon Shortfall Scheme provision. However, he obtained sufficient evidence to support the provision’s closing balance and compensation payments made during the year. 

Financial statements  

In the C&AG’s opinion except for the possible effects of the matters described above, the financial statements: 

  • give a true and fair view of the state of the Department and the Departmental Group’s affairs as at 31 March 2025 and their net expenditure for the year then ended; and 
  • have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury directions issued thereunder. 

For more details, see Basis for qualified opinion on the financial statements in the C&AG’s certificate.

Regularity

In the C&AG’s opinion, in all material respects:  

  • the Statement of Outturn against Parliamentary Supply properly presents the outturn against voted Parliamentary control totals for the year ended 31 March 2026 and shows that those totals have not been exceeded; and  
  • the income and expenditure recorded in the financial statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the financial statements conform to the authorities which govern them. 

View the accounts and audit report

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