The Assured Managed Services programme draws on CIPFA’s expertise as the official standard-setting body for the sector and EY’s experience in accounts closedown for companies.
The service will provide software that will produce regular reports on an authority’s finances. As well as making it quicker to produce end of year accounts that meet specific local authority requirements, this will provide monthly information that can better inform decision-making. The service will be available from September.
CIPFA chief executive Rob Whiteman said statutory requirements have made local government accounts increasingly detailed.
“That’s great for planning and transparency but the process can swamp finance teams causing log-jams and additional costs, such as employing temporary staff,” he stated.
“EY has a solid reputation for preparing and consolidating private sector accounts and CIPFA knows public finance like none other. Together, we can offer a game-changing service to boost performance and reduce costs by freeing up finance teams to focus on good financial management.”
David Smith, EY’s government and public sector financial and accounting advisory services UK leader, added that the monthly production of reports would effectively enable local authorities to produce accounts at the touch of a button.
“By teaming up with CIPFA, we are building on our existing closedown services so that, for first time, public sector organisations will be able to access the same support used by leading private sector businesses,” he said.
“This is good news for finance professionals and local authorities.”
More details on the programme will be available at a lunchtime session at next week’s CIPFA conference called Accounts Closedown – big red button from 12.15-13.00 on Wednesday 13 July.
