Audit Committee, 12 Nov 2002
Meeting date: Tuesday, November 12, 2002
Official Report
115KB pdf
Public Accounts
Item 4 is consideration of responses from the Scottish Executive to the committee's "Report on Public Accounts", which was published in July. We have received two letters from the Scottish Executive's principal finance officer, Dr Peter Collings. Members will see from the correspondence that the Executive has referred the issue of accounting practices for public-private partnership and private finance initiative contracts or projects to the Financial Reporting Advisory Board, which has decided to undertake a survey of the issue. It is expected that that survey will lead to a report in the new year.
I am also happy to report that the Executive has accepted the recommendation in our report on the monitoring of financial assistance to sponsored bodies to assure compliance with European Community state-aid rules. Guidance on compliance with state-aid rules has now been added to the Scottish public finance manual, which will require that European Community rules will be complied with at an early stage before the Executive provides any financial assistance. Again, that is a welcome development and a welcome response to the committee's recommendations.
As members do not seem to have any comments to make, are we agreed that the committee should await the FRAB report in the new year?
Members indicated agreement.