Photo by Bernd Klutsch on Unsplash Auditors are taking a close interest in the accounting for companies owned by companies. David Green looks at the elements that attract attention.
Council-owned companies have been in the news a fair bit over the past year, usually for the wrong reasons. Falling commercial property rents, the tight domestic energy market and a mismanaged housing company have all elevated the profile of local authority subsidiaries.
Auditors are among those taking a renewed interest, as a result, and accounts preparers will need to be on their best form this year.
Subsidiaries usually appear in the council’s accounts in two places: the equity investment representing ownership of a company’s shares, and the
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