There are around 850 public bodies in Wales and together they spend over £20 billion each year.
Each of these bodies must prepare an annual statement of accounts. To improve financial management in the public sector, there is a need to report financial results as soon as possible during the year and after the year end. This supports improvements in resource management, decision making and risk management as well as supporting public bodies respond to regulation which brings forward the financial reporting deadlines.
This guide helps you plan for and deliver faster closing of your body's accounts – in other words, improve the timeliness of your financial reporting.
This guide includes:
- What is timely financial reporting;
- What are the benefits;
- What are the challenges; and
- Advice on who is involved in the process.
This guide is written for public bodies and their external auditor.