Central Government Accounts

The Auditor General for Wales published his report on Central Government Accounts 2015-16 on 18 May 2017.

This is the first annual report on the audits of the financial statements of central government bodies. It summarises the results of audit work for 2015-16 completed at central government bodies (audited bodies) in Wales.

Central government bodies in Wales provide a vast range of services, and in doing so, spend a significant amount of public money. Like all public bodies, they are required to produce, and have audited, a set of annual financial statements (accounts) to demonstrate and report on the stewardship of the public funds entrusted to them, and they are held accountable for doing so.

Producing accurate and timely accounts is a significant task but is necessary to demonstrate accountability for the stewardship and governance of public funds. Failing to publish such accounts in a timely manner can reflect badly on the audited body, undermining its financial management and corporate governance arrangements, as well as the overall confidence in the organisation.

The accounting and governance framework applicable to each central government body will be defined by its legal and regulatory framework. This will dictate the form and content of the financial statements and any other reporting requirements such as their Annual Report, and any deadlines for the audit and publication of these documents.

The central government sector has faced a number of significant challenges. Most notable is the continued downwards financial pressure on budgets, which alongside the changing legal and regulatory framework (new accounting requirements for charitable bodies, changes to Annual Reporting requirements for non-charitable bodies and the passing of the Well-being of Future Generations Act) keeps pressure on audited bodies to find ways of delivering more with less.

The Public Accounts Committee noted the report on 5 June 2017.