Stephen Sheen: Audit predictions 2021
Coping with low morale, IFRS 16, standardised statements and an audit process he describes as a “mess” are the promised highlights of the coming year. It seems premature to look[…]
Author: Stephen Sheen
Stephen Sheen: FRC report fails to confront ‘mess’ in local government audit
The Financial Reporting Council has delivered its verdict on council audits but, writes Stephen Sheen, it falls short of recognising the “unique nature of local authority accounts”. Although the Financial[…]
Stephen Sheen: The Redmond Review fails to address key issues
The Redmond Review has made a series of recommendations for improving local government audit. Stephen Sheen argues it leaves many questions unaswered. The report of the Redmond Review into the[…]
Stephen Sheen: Audits worsen as watchdog demands improvement
The regulator’s efforts to upgrade audit is “piling up wreckage” in local government, according to Stephen Sheen.
Stephen Sheen: Accounts simplification isn’t happening. What next?
An effort to reduce the accounts preparation burden on local authorities in the midst of coping with the Covid-19 crisis was recently abandoned. Stephen Sheen looks at the implications. This[…]
Audit: 2019 was a bust, let’s hope it gets better
Local government audit failed to reach optimum performance levels this year: Deadlines were missed and key staff lost. Things will need to improve in 2020, says Stephen Sheen Well, that[…]
Stephen Sheen: Public interest in Prudential Framework has provided a worrying wobble
When the Prudential Code was being developed, there was no expectation that it was going to be a document that was going to change the world. Its function was largely[…]
2019 outlook for accounts and audit
Stephen Sheen takes a look at the changes that the new year will bring – aided by a curious money spider. It’s the time of year for getting the crystal[…]
Sale-and-leaseback: the accounting lowdown
Central government last week decided to allow Northamptonshire County Council to use capital receipts from the sale of its headquarters to balance its revenue budget. Stephen Sheen investigates the accounting[…]
Stephen Sheen: Prepare for a deep dive into lease accounting
After a decade of deliberation the IFRS 16 lease accounting standard is set to hit local authorities. Stephen Sheen writes the change means a substantial piece of work for finance[…]
