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
Stephen Sheen: The state of local government audit
The pressure has been on external auditors this Summer. The first year of the new Public Sector Audit Appointments (PSAA) contracts, with fees cut by 23%, reshuffled appointments, and firms[…]
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[…]
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[…]
Looking ahead: challenges for the 2018/19 statement of accounts
Stephen Sheen looks at how a suite of new accounting standards will impact preparations for next year’s statements of accounts. As the ink dries on the 2017/18 statement of accounts,[…]
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[…]
Stephen Sheen: Do we need a statutory override for IFRS 9?
The accounting standard IFRS 9 has prompted much debate. Last week, Peter Worth argued against a statutory override. This week Stephen Sheen makes the case for it. In a previous[…]
Stephen Sheen: IFRS 9 and ‘impairment’ are no April Fool
For those with a sense of humour IFRS 9 is sadly no practical joke. It’s time to prepare for impairment losses… and a game of Jumanji. While we wait expectantly[…]
Stephen Sheen: Closedown 2017-18 leaves little time to relax
I was planning to write an article about the prognosis for the 2017/18 accounts closedown and accompanying audit issues. However, the sad demise of Mark E. Smith caused me to[…]
Stephen Sheen: Prudential Framework and the budgetary implications of MRP guidance
The government has issued a single consultation paper on the Prudential Framework, proposing changes to two key documents: the statutory guidance provisions for local authority investments and for minimum revenue[…]
